The Central Financial Work Conference has enlisted"senior finance"and"digital finance"into the"Five Key Arti-cles",advocating the use of digital finance to advance the development of senior finance.Earlier than this,in June 2017,the for-mer China Insurance Regulatory Commission and in August 2017,the former China Banking Regulatory Commission both intro-duced the"dual recording"regulatory policy,which requires financial institutions to make audio and video recording of key inter-actions during the sales process.The"dual recording"policy aims to protect the rights and interests of both parties in market transactions,especially to safeguard the consumer rights of the elderly population,who averagely have higher wealth levels but low-er financial literacy.Using data from the China Household Finance Survey(CHFS),this article examines this regulatory policy's impact on older people's financial participation.Employing a difference-in-differences(DID)model,this article finds that after implementing the"dual recording"regulatory policy,the holding rate and premium expenditure for life insurance,and the holding rate and the holding amount of financial products among the elderly have significantly increased,compared to middle-aged and young people.Using a triple difference-in-differences(DDD)model,this article finds that the"dual recording"regulatory policy improves on financial participation of the senior through three mechanisms:reducing constraints of the regulatory geographic infor-mation costs,enhancing salespeople's trustworthiness,and alleviating the constraints of consumers'low financial literacy.There-fore,the"dual recording"regulatory policy is an effective case of using digital finance to promote senior finance,successfully bridging two"key articles"in finance fields.
关键词
人身保险/养老保险/理财产品/金融科技/金融监管/消费者保护
Key words
life insurance/pension insurance/wealth management products/FinTech/consumer protection
万方数据