Drivers Of Demand For Commercial Pension Insurance And Their Mechanisms Of Action

China’s current population is aging and the pressure on the society to provide old-age security is increasing year by year,so there is an urgent need to improve the multi-level old-age security system to provide support for the old-age security of our residents.The importance of developing the third pillar of old-age security cannot be overlooked as the first pillar is under pressure and the second pillar has limited space for development.In this context,this paper takes commercial pension insurance participation as the research object,and takes the cultural perspective of China’s traditional concept of raising children for old age and the technological perspective of the digital transformation of the insurance industry as the entry point from both the supply and demand sides to study the influencing factors and their mechanism of action that restrict the participation of Chinese residents in commercial pension insurance,in order to expect to provide multi-faceted thinking and countermeasure suggestions to promote the increase of commercial pension insurance participation in China.By reviewing the relevant literature on the influencing factors of commercial pension insurance participation at home and abroad,using intergenerational exchange theory and financial exclusion theory as the relevant theoretical bases,this study uses a multilevel logistic model and examines the data from the China General Social Survey(CGSS),the insurance index under the The Peking University Digital Financial Inclusion Index of China,the China Statistical Yearbook and the China Insurance Yearbook for 2013,2015,2015,and 2017,and 2018 4 years were combined to form mixed cross-sectional data for regression analysis,which mainly explored the supply and demand side influencing factors of commercial pension insurance participation,the moderating role of the concept of raising children for old age,and further explored the age,gender,urban-rural,and job type differences in the influencing role of major factors on commercial pension insurance participation.The study yielded several key findings: first,on the demand side,income level,Internet information channels,and the existence of the concept of raising children for old age all have significant positive effects on commercial pension insurance participation;second,on the supply side,the number of insurance intermediaries and the number of insurance employees do not have significant effects on commercial pension insurance participation,while the digitalization level of the insurance industry has a significant effect on commercial pension insurance participation.Thirdly,the concept of raising children for old age positively regulates the positive effect of income level on commercial pension insurance participation,while negatively regulates the positive effect of Internet information channels on commercial pension insurance participation.Fourth,there are four differences in the influence of the drivers of commercial pension insurance participation,including age,gender,urban and rural areas,and work type.Based on this,this paper suggests that the government and relevant insurance companies should play a cultural guiding role in terms of policy and publicity to make residents correctly understand that commercial pension insurance can play a mutually promoting and complementary role with children’s pension;meanwhile,they should carry out quality reform on the supply side and use insurance technology to improve the digital level of insurance,so as to provide consumers with more convenient purchasing channels and insurance products that meet their needs.To stimulate the enthusiasm of residents to take out commercial pension insurance.