An Empirical Study on the Influencing Factors of Personal Pension Insurance Participation——From the Perspective of Trust
Under the background of the aging population and low birth rate,personal pensions are an important institutional innovation to cope with the pressure of Chines social endowment.Yet the participation rate of personal pensions is currently very low,which seriously restricts the effectiveness of the personal pension system.Using factor analysis method to construct trust variables,this paper empirically analyzes the impact of trust and its different dimensions on residents'participation behavior in pension insurance.The results show that trust can significantly promote residents'purchase of personal pensions.Trust facilitates residents'access to information related to personal pensions,reduces the transaction costs of personal pensions,and enhances residents'perceived value of the system.The analysis of different dimensions of trust found that general trust and institutional trust have a positive effect on residents'participation in personal pension insurance,while special trust has no significant effect.The mechanism analysis found that the mechanisms through which trust affects residents'purchase of personal pensions include infor-mation acquisition,transaction costs,and perceived value,with perceived value being the key mechanism.In addition,factors such as marriage,income,the presence of people with disabilities in the family,risk attitude,and purchasing financial products all significantly affect residents' personal pension insurance behavior.Building online communication channels to improve residents' information acquisition,improving the financial supervision mechanism to lower transaction costs,and strengthening financial service to enhance residents' perceived value are important policy choices for motivating residents'insurance participation.
TrustPersonal PensionsInsurance Participation BehaviorPerceived Value
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