Study On The Influence Of Family Education Level On The Payment Level Of Urban And Rural Residents’ Endowment Insurance

According to the data of the seventh national census,population aging may become the basic national condition that runs through our country for a long time to come.Endowment insurance for urban and rural residents is the cornerstone of the "sense of security" for urban and rural residents in China,and the benefits of endowment insurance are linked to the payment level of residents.However,the data show that the payment level of urban and rural residents in China,especially rural residents,continues to be low,which is not conducive to the full play of the functions of the old-age insurance system.Previous studies have shown that there is a positive relationship between the education level of individuals and the level of their own contributions,but there is a lack of sufficient research on whether this relationship is established at the family level.Such research will help to understand and solve the problem and dilemma of low contributions of urban and rural residents’ old-age insurance in China in a wider scope.Firstly,this paper sorts out the relevant literature at home and abroad around the theme,then clarifies the concepts of family education level and urban and rural residents’ pension insurance payment level,and then carries out theoretical analysis on the basis of consumption life cycle hypothesis and human capital theory,and puts forward the overall framework of pension insurance purchase decision based on the perspective of utility maximization,revealing the potential mechanism that family education level affects residents’ pension insurance payment choice from a theoretical perspective,that is,policy cognition and capital or financing constraints.In the subsequent empirical analysis,this paper constructs an empirical analysis model with the family education level as the explanatory variable and the contribution level of urban and rural residents’ old-age insurance as the explained variable,and then estimates and analyzes it by using the processed CHFS micro-survey data of China Financial Research Center.It is preliminarily found that the family education level has a significant positive impact on the contribution level of urban and rural residents’ old-age insurance.This conclusion still holds after using Mincer’s income equation to solve the potential endogenous problems,and generally passed the robustness test.Based on the consideration of sample heterogeneity,this paper then discusses the differences of the influence of education level on the payment level of urban and rural residents’ old-age insurance in different genders,different household registration and different regions.The next channel test shows that the family education level will affect the payment level from two aspects: cognitive channel and financing constraint channel,and the case interview also provides micro evidence for this.The guidance from family members with higher education level really improves the cognition of urban and rural residents,and family asset constraints and financial support provided by family members will affect the choice of family payment level.Finally,in order to further promote the payment level of endowment insurance for urban and rural residents in China,this paper puts forward the following suggestions and propositions: gradually optimize the education situation of residents,improve the cognitive level of urban and rural residents on endowment insurance system and design by increasing policy propaganda,reduce the financing constraints of urban and rural residents,and optimize the payment standard of endowment insurance for urban and rural residents,hoping to take various measures to continuously improve the payment level of endowment insurance for urban and rural residents in China and resolve the hidden worries faced by future aging.