The Influence Of Financial Knowledge And Risk Preference On The Purchase Of Commercial Endowment Insurance

As the aging of Chinese population is more and more serious,the pension problem is more and more serious,also attracting the attention of the government and society,as the first pillar of the basic pension insurance has been inadequate,in order to ensure the living standards of the old,the state introduced the pension three pillars guidance,As the representative of the third pillar,commercial endowment insurance is born along with the trend.It provides an important channel to solve the pension problem,alleviates the problem of insufficient total pension assets,and improves the quality of life of the elderly on the basis of guaranteeing their basic living needs.Therefore,the in-depth study of the influence of financial knowledge level on the purchase of commercial endowment insurance can not only effectively expand the current theory.At the same time,it is of great practical significance.In the case of increasingly severe pension problems,the study on the influence of financial knowledge level on the purchase of commercial pension insurance provides data reference for promoting the development of commercial pension insurance and effectively solving pension problems.Based on the data of Chinese Household Finance Survey CHFS(2019),this thesis studies the influence of financial knowledge on the purchase of commercial pension insurance by using probit model from the micro level and considering the fixed effect of provinces.First,the baseline regression was carried out.Then,in order to ensure the reliability and validity of the regression results,the robustness test was carried out by referring to the existing literature by using factor analysis method and changing the sample size,and the endogeneity test was carried out by using the instrumental variable method.After that,the heterogeneity was further analyzed from the aspects of ethnic attribute,region to which it belongs,whether there is social pension security,attention to financial information,etc.Finally,the moderating effect of risk preference as a moderating variable on the influence of financial knowledge on the purchase of commercial endowment insurance is analyzed.The results show that improving financial knowledge can significantly promote residents’ purchase of commercial endowment insurance,and from the perspective of ethnic attributes,financial knowledge has a more significant effect on the purchase of commercial endowment insurance than ethnic Han group.From the perspective of the region,when the financial knowledge level of urban and rural personnel improves,it has a positive promotion effect on the purchase of commercial pension insurance,and the promotion effect is more obvious in urban than rural.From the perspective of whether they have social endowment security or not,the improvement of financial knowledge of residents with social endowment security significantly increases the demand for commercial endowment insurance,while the improvement of financial knowledge of residents without social endowment security has no significant influence on their purchase of commercial endowment insurance.From the perspective of financial information attention level,the improvement of financial knowledge level of households paying more attention to financial information has a significantly positive impact on the purchase of commercial endowment insurance than that of households not paying more attention to financial information.In addition,the empirical findings show that risk preference plays a moderating role in promoting the purchase of commercial endowment insurance by financial knowledge,that is,higher risk preference will significantly enhance the promoting role of financial knowledge in promoting the participation of commercial endowment insurance.