On the Influence of Financial Literacy on Rural Family Commercial Insurance Participation——Empirical Evidence Based on CHFS data
Financial literacy is a kind of financial ability possessed by individuals,which has an important impact on financial deci-sion-making behavior.Based on the data of China Household Finance Survey(CHFS2019),this paper uses Probit model and To-bit model to empirically analyze the influence of financial literacy on rural household commercial insurance participation behavior and insurance penetration.The results show that financial literacy can significantly promote the participation behavior of rural fami-lies in commercial insurance,significantly accelerate the insurance penetration of rural families,and more obviously promote the participation of rural high-income families in commercial insurance.There are mediating effects of family income and risk attitude on the influence of financial literacy on rural family commercial insurance participation.Total household assets,education level and age of the head of household will significantly increase the participation of rural families in commercial insurance.Therefore,the paper proposes to strengthen the popularization of rural financial knowledge education,improve rural residents'financial litera-cy and financial ability;actively develop rural commercial insurance to improve the ability to resist risks;comprehensively promote rural revitalization,and expand the channels for farmers to increase their income.
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