Zhou Mei, Wang Yingyi, Liang Yunjia, Shi Ruonan, Zhao Shaoyang
School of Public Administration, Southwestern University of Finance and Economics, Chengdu, China.
School of Economics, Sichuan University, Chengdu, China.
Front Psychol. 2022 Aug 22;13:969719. doi: 10.3389/fpsyg.2022.969719. eCollection 2022.
This paper studies the impact of the subjective life expectancy of the elderly on their commercial pension insurance participation at micro perspective, providing new evidence to explain the motivation of commercial pension insurance participation in China.
Using 4 waves of data from the China Health and Retirement Longitudinal Study (CHARLS) from 2011 to 2018, a multiple linear regression model is constructed to investigate the effect of subjective life expectancy on commercial pension insurance participation among the Chinese elderly, and IV model estimation shows that the results are robust. Meanwhile, the heterogeneity of the effect of elderly life expectancy on commercial pension insurance participation behavior among different characteristic groups is also studied.
A one standard deviation improvement in our measure of subjective life expectancy predicts a 0.9% point higher participation rate in commercial pension insurance. We also find that there is significant heterogeneity in the effects of subjective life expectancy on the participation of elderly people in commercial pension insurance with respect to gender, education, hukou, and wealth.
This paper provides a new perspective to explain the factors influencing commercial pension insurance participation in China. We suggest that improving residents' awareness of life expectancy is beneficial to their reasonable retirement planning, in the background of stepping into an aging society in China.
本文从微观视角研究老年人主观预期寿命对其商业养老保险参保行为的影响，为解释我国商业养老保险参保动机提供新证据。
利用中国健康与养老追踪调查（CHARLS）2011年至2018年的4轮数据，构建多元线性回归模型，考察主观预期寿命对我国老年人商业养老保险参保行为的影响，且工具变量模型估计结果显示结果稳健。同时，研究了老年预期寿命对不同特征群体商业养老保险参保行为影响的异质性。
我们衡量的主观预期寿命每提高一个标准差，商业养老保险参保率就会高出0.9个百分点。我们还发现，主观预期寿命对老年人商业养老保险参保行为的影响在性别、教育程度、户口和财富方面存在显著异质性。
本文为解释影响我国商业养老保险参保行为的因素提供了新视角。我们建议，在中国步入老龄化社会的背景下，提高居民预期寿命意识有利于其合理的退休规划。
