Research On The Influence Of Family Support Burden On The Insurance Decision Of Commercial Endowment Insurance

China adopts a three-pillar old-age insurance system model,with social basic oldage insurance,enterprise(employee)annuity and commercial old-age insurance as the first,second and third pillars respectively.However,under the background of the aging trend,it is difficult for the first and second pillars to effectively deal with the increasingly serious pension problem,and the role of commercial pension insurance is increasingly prominent.At the same time,the proportion of the population aged 60 and over and the population aged 0-14 in China have increased.The aging population,the development of aging and the increase in the proportion of children mean that the burden of family rearing has changed.As the mainstay of the family economy,family decision-making status members bear the double economic pressure from the previous generation and the next generation.Under the condition of a certain family income,their own commercial endowment insurance decisions will be affected by the burden of family rearing.Nowadays,the specific factors that affect the participation of commercial old-age insurance in family rearing burden are still unclear,and the research on the influencing factors of commercial old-age insurance decision-making from the perspective of the upper and lower generations is still not substantial.Therefore,from the microscopic point of view of family,this paper explores the influence of family rearing burden on the decision-making of commercial endowment insurance.This paper analyzes the present situation of China’s commercial endowment insurance,and finds that China’s commercial endowment insurance is still in the primary stage of development.Although the premium income has increased substantially in recent years and the insurance scale has continued to expand,the development speed has shown a slowing trend,and there is a big gap between the insurance depth and the insurance density compared with developed countries,and there is huge room for development.The structure of commercial endowment insurance has been continuously adjusted and optimized,and the state has given policy support.However,the pilot project of individual tax deferred commercial endowment insurance has not achieved ideal results,and the demand for commercial endowment insurance in China needs to be further stimulated.On this basis,from a micro perspective,this paper analyzes the influence of family rearing burden on individual commercial endowment insurance participation behavior through economic theory,and clarifies the influence mechanism from two aspects: family structure factors and individual characteristics of family members.In addition,based on the data of China Comprehensive Social Survey(CGSS)in 2018,this paper makes Logit regression,and selects four explanatory variables,namely,the number of elderly people in the family,the number of children in the family,the gender of children and the proportion of minor children in the family,to study the influence of family rearing burden on the decisionmaking of commercial endowment insurance.The results show that,on the whole,the family support burden represented by the number of elderly people in the family has a significant inhibitory effect on the decision-making of commercial endowment insurance,while the family support burden represented by the number of children in the family and the sex of children has a significant inhibitory effect on the decision-making of commercial endowment insurance,while the family support burden represented by the proportion of minor children in the family has a significant promoting effect on the decision-making of commercial endowment insurance.In addition,according to the family income,the conclusions are as follows: In low-income families with annual income below 40,000,the number of children and the sex of children will inhibit the participation of commercial old-age insurance in decision-making,while the number of elderly people and the proportion of underage children have no significant influence.In middle-income families with an annual income of 40,000-80,000,the number of elderly people and the sex of children have a restraining effect on the participation of commercial endowment insurance,and the influence of the proportion of children to minor children is not significant.In high-income families with an annual income of more than 80,000,the number of children inhibits the participation in commercial endowment insurance,and the proportion of underage children promotes the participation in commercial endowment insurance.The influence of the number of elderly people and the gender of children is not significant.This means that families with different parenting burdens have different understandings and attitudes towards commercial old-age insurance,so the insurance decisions are not the same.Based on the research conclusion,this paper puts forward policy suggestions and policy enlightenment from three aspects: product design of insurance companies,commercial endowment insurance publicity and government policy formulation.The research in this paper is helpful to study the influence of family rearing burden on the decision-making of family members’ own commercial endowment insurance from a more microscopic and comprehensive perspective,and at the same time,it enriches the relevant theoretical research to some extent,which has a promoting effect on promoting the guarantee function of commercial endowment insurance.