Study On The Influence Of Family Endowment On Residents’ Participation In Commercial Endowment Insurance

As China’s population is aging,the problem of social pension is becoming more and more obvious.China has initially established a multi-level pension system,but the development of the "three pillars" pension system is still unbalanced and insufficient,among which,the first pillar basic pension insurance fund is increasingly exposed to the risk of "bottoming out" and is unable to meet the pension demands of China’s elderly population.The second pillar,corporate pension and occupational pension,has a high participation threshold and narrow coverage,which makes it unable to become the mainstream solution to the social pension problem.Therefore,the third pillar,mainly commercial pension insurance and personal pensions,will become the "vane" for residents to prevent the risk of aging,the "backbone" of the multi-level pension insurance system and the "ballast" of the capital market.The third pillar will become the "wind speed" for residents to prevent the risk of aging,the "backbone" of multi-level pension insurance system and the "ballast" of capital market.In view of this,it is necessary to explore the impact of household endowment on residents’ participation in commercial pension insurance.The article adopts a combination of theoretical and empirical analysis,and takes the data from the China General Social Survey as the research sample object.First,by clarifying the theoretical logic of household endowment and residents’ participation in commercial pension insurance,the corresponding research hypothesis is proposed,and the development status of commercial pension insurance is outlined;Second,the Probit model is used to empirically test the effect of household endowment on residents’ participation in commercial pension insurance;Third,the mediation model is used to explore the influence mechanism of financial asset investment behavior and mass media,and the endogeneity and robustness of the research results are discussed;Finally,heterogeneity analysis is conducted in terms of regional,urban and rural areas,and age structures.The research results show that: the development level of commercial pension insurance is low,which is mainly manifested in the continuous slowdown of premium growth,weak insurance density and depth,and low proportion of premium to per capita savings;household endowment is positively related to residents’ ability to participate in commercial pension insurance;financial asset investment behavior and mass media play part of the mediating effect in the influence path;in the heterogeneity analysis,residents’ participation in commercial pension insurance is influenced by differences in individual characteristics In addition,the study also finds that there are differences in the effects of control variables on residents’ participation in commercial pension insurance.The article not only helps to tap family resources and transform residents’ perception of old-age pensions from traditional mutual family pensions to commercial pensions led by individual pension accounts,but also helps to develop and improve China’s multi-level pension system and actively respond to the social pension crisis arising from the background of aging population with fewer children.