Research On The Influence Of Financial Literacy On The Willingness Of Residents' Commercial Endowment Insurance

In recent years,as the trend of population aging continues to deepen,relying solely on the social pension insurance introduced by the government has been unable to solve the problem of residents' pension.At this time,commercial pension insurance is becoming more and more important,and there are many factors affecting the willingness of residents to participate in commercial pension insurance.However,financial literacy is a new topic that has been paid attention to in recent years.It refers to the rational and efficient integration of various information resources in financial markets.And through the mastery of financial knowledge and actual financial skills,ultimately realize the preservation and appreciation of property.From the perspective of residents' financial literacy,this paper explores the impact of the financial literacy level of residents in Shaanxi on the willingness of residents to participate in commercial endowment insurance.It is necessary for the improvement of residents' financial literacy,the enrichment of old-age care,and the identification of target groups by insurance institutions.The practical significance.Firstly,by reading the relevant literatures of domestic and foreign scholars,the definition and measurement methods of financial literacy were determined.Then the questionnaire was designed.Through the data obtained from the actual investigation in the sample area,descriptive statistical analysis was carried out on the personal characteristics and family characteristics of the residents.Secondly,using factor analysis method,the public factors are extracted from the four dimensions of financial literacy measure,the financial literacy index system is constructed,the financial literacy score of residents is calculated,and then the resident financial literacy score is graded to construct an ordered multivariate logistic regression.The model explores factors that influence residents' financial literacy.Then it explores the correlation of financial literacy's willingness to participate in commercial endowment insurance.Under the premise of obvious correlation,a binary logistic regression model with financial literacy as the core variable is established to study the factors affecting residents' participation in commercial endowment insurance.Finally,combined with the description of statistical analysis and empirical analysis,the government departments,insurance institutions and residents themselves make recommendations,hoping to improve the financial literacy level of residents and the willingness to participate in commercial pension insurance.The conclusions of this paper include:(1)The financial literacy of residents is generally at a medium level,and the financial literacy of urban residents is significantly higher than that of rural residents.(2)The commercial pension insurance market has great potential.(3)The higher the level of education,the higher the non-agricultural level of employment,the more necessary it is for residents who have studied financial knowledge,engaged in financial work,and have studied financial expertise,the higher their financial literacy level.(4)The level of financial literacy significantly affects the willingness of residents to participate in commercial endowment insurance,and the direction is positive.For each additional unit of score,residents' willingness to participate increased by 6.5%.(5)Other control variables: the perception of pension risk,the degree of understanding of commercial pension insurance,whether there are people buying around,the number of family housing,the number of cars,whether there is an endowment insurance for institutions and institutions,and whether there is a new type of rural social endowment insurance for residents' commercial pension The willingness to participate in insurance also has a significant impact.