A Survey On The Demand For Pension Financial Products Of Urban Residents In Sichuan And Chongqing

According to the seventh National census data,the population aged 60 and above will be 264.02 million in 2021,accounting for 18.70 percent,among which 19.064 million are aged 65 and above,accounting for 13.50 percent.Among the 12 provinces with deep aging,the top three are Liaoning,Chongqing and Sichuan,with 17.42 percent,17.08 percent and 16.93 percent of the population aged 65 or above,respectively.Under the background of aging population,the future economic development trend and social security system will face great challenges.In order to solve the social pension burden,our country actively promotes the improvement of the third pillar personal pension security system,and encourages individuals to choose pension financial products provided by professional institutions to realize the accumulation and growth of pension wealth.But on the whole,pension financial products are still in the infancy stage,and the innovation of pension financial products is insufficient.In this paper,demand-oriented,through investigation and research,we understand the demand of urban residents in Sichuan and Chongqing for pension financial products,as well as the factors affecting their demand,which is helpful to promote the diversified and personalized development of pension financial products supported by personal pension.In this paper,the definition of pension financing and pension financing products is first defined,and the relevant theoretical basis is expounded.On this basis,the current situation and existing problems of pension financing products in the market are analyzed.Then,by referring to previous literature on the needs of personal finance products,the questionnaire of urban residents’ needs for pension financing products in Sichuan and Chongqing is designed.After sorting out the questionnaire,descriptive statistics were first made on the basic characteristics of the samples,and then specific analysis was made on residents’ cognition,risk preference,product demand,etc.,and then Logistic model was used to explore what factors would affect residents’ demand for pension financial products.The research draws the following conclusions:(1)The degree of understanding of pension financial products and the degree of access to financial information have a positive impact on the demand for pension financial products,and the cognition level of urban residents in Sichuan and Chongqing is low.(2)At present,residents who mainly make direct investments with high risks such as stocks and real estate have little demand for pension financing products,while residents who mainly make indirect investments with low risks such as bank financing and fund investment have greater demand for pension financing products.(3)The age of urban residents in Sichuan and Chongqing has a positive impact on the demand for pension financial products.(4)The minimum purchase amount of pension financial products,the expected return rate,the professional level of financial management personnel and the service personnel quality have a positive impact on the demand of urban residents in Sichuan and Chongqing.(5)The term of pension financial products favored by urban residents in Sichuan and Chongqing is 1 to 3 years,and about 75%of residents do not have high requirements on the liquidity of the products.At present,there are still some problems in the market of pension financing products,such as low supply,weak pertinence and unobtrusive pension attributes.In terms of product supply,financial institutions still have a large space for development.(6)Depending on the region,gender and income,the influencing factors of residents on product demand are slightly different.According to the research conclusions of this paper,the following suggestions are put forward:(1)The government should strengthen support to promote the development of pension financial products and improve the level of financial development.(2)Financial institutions should innovate financial products for the elderly;Increase product publicity;Enhance the professionalism of relevant personnel.(3)Residents themselves should strengthen their awareness of pension financing,learn relevant knowledge,improve their psychological quality,and scientifically choose financial products.