Analysis On The Influence Of Information Channel And Financial Literacy On Residents’ Commercial Endowment Insurance Decisions

According to the situation,the aging trend is inevitable,but the current pension mode has the problem of structural imbalance,especially the development of commercial endowment insurance needs to break through the bottleneck.In the rapidly developing information age,information channel and financial literacy,as important factors affecting consumer decisionmaking,have been actively concerned and discussed by many scholars.In today’s information age,residents’ commercial endowment insurance decision-making gradually integrates diversified information channels and reflects its financial literacy to a certain extent.Therefore,this thesis will study the impact of residents’ information channels and financial literacy on their commercial endowment insurance decisions,hoping to enrich the theoretical system of related insurance decisions.This thesis uses theoretical and empirical methods to study the influence of information channels and financial literacy on residents’ commercial endowment insurance decisions.Firstly,this thesis reviews domestic and foreign research literature and analyzes the relationship among information channels,financial literacy and commercial endowment insurance.Secondly,based on the panel data of Phase III CFPS,this empirically analyzes the influence of information channels and financial literacy on the decision-making of commercial pension insurance.Finally,in order to test the reliability of the empirical results,this thesis uses the replacement model method,uses the Logit model to test the robustness,and analyzes the heterogeneity of residents from three perspectives: age,education level and urban-rural difference.The conclusions of this thesis are as follows:(1)New media channels,traditional media channels and social interaction channels have a positive impact on residents’ commercial endowment insurance decision-making;Compared with the use of information channels,residents tend to choose new media channels to obtain the decision information of commercial endowment insurance.(2)The influence of new media and traditional media channels on residents’ commercial endowment insurance decision-making will be enhanced with the increase of financial literacy.(3)Heterogeneity analysis showed that young and middle-aged people,people with higher education level and rural residents are more inclined to obtain information from new media channels and traditional media channels when making commercial endowment insurance decisions;People with higher education level have higher financial literacy,which will affect their choice of information channels and commercial endowment insurance decisions.Based on the empirical results,this thesis suggests that relevant departments standardize the information channel selection mechanism,focus on improving residents’ financial literacy,and help residents do their own retirement planning.