Study On The Demand And Influencing Factors Of Family Commercial Endowment Insurance In Shandong Province

The current pension insurance system in our country is mainly composed of a "three-pillar" pension security system consisting of basic social pension insurance,enterprise supplementary pension insurance,and commercial pension insurance.Commercial pension insurance should be an important measure to alleviate the increasingly severe problem of pension difficulties and should bear the social pension pressure without shirking its responsibility.However,in the actual process of system development,commercial pension insurance,as one of the "three pillars," faces significant challenges,the most prominent of which is the slow development process,and its rightful social pension security function has not been fully utilized.Shandong Province,as a populous and economically developed province,has a large rural population and a significant elderly population,ranking among the top in terms of urban-rural disparities and aging pressures in the country.With the gradual expansion of the urban-rural gap and the increasing proportion of elderly population in the province,the pressure on the social pension security system has been exacerbated.Under this situation,the "pay-as-you-go" basic pension insurance system alone is insufficient to support the pension needs of Shandong Province,and the development of enterprise annuities is not strong enough.At this time,commercial pension insurance,as the "third pillar," should be in high demand.However,from the current development situation,commercial pension insurance is still in its early stages of development.Due to weak development foundations,weak industry innovation capabilities,and weak long-term investment concepts among residents,among other reasons,commercial pension insurance still develops slowly and has not been able to effectively alleviate the pressure of pension and improve China’s pension insurance system.Under this circumstance,this study analyzed the development differences between urban and rural areas in Shandong Province,as well as the current development status of commercial pension insurance,and referred to relevant literature on urban-rural disparities and the development of commercial pension insurance both domestically and internationally.Based on the selection and supplementation of relevant explanatory variables for the purchase of commercial pension insurance from existing research literature,statistical data from the 2019 China Household Finance Survey(CHFS)were used,with the sample data from Shandong Province being retained,and a total of 2,711 valid samples were obtained.A Logit regression model was established to empirically analyze the factors affecting the demand for commercial pension insurance in Shandong Province and to analyze the impact mechanisms of various influencing factors on demand.The urban and rural data were selected from the total sample for sub-sample regression to study the differences in demand between urban and rural households.Finally,a Probit model was used for robustness testing.Based on the research conducted in the previous sections,it was found that among the factors influencing the demand for commercial pension insurance,urban-rural status,education level,marital status,household annual income,number of properties owned by the household,and various financial assets owned by the household have a positive impact on demand.On the other hand,age,whether the household has purchased basic social pension insurance,and the number of household members have a negative impact on demand.In the sub-sample regression of urban and rural areas,the number of various financial assets owned by the household did not have a significant impact on the demand for commercial pension insurance.Based on the empirical results,targeted policy recommendations are proposed for promoting the improvement of the pension security system,advancing urbanization,and promoting economic development.