As a protection system for households to cope with risks,social insurance is of great significance in enhancing households'risk resilience,improving their financial vulnerability status,and enhancing their economic welfare level.Based on the 2019 China Household Finance Study Survey(CHFS)data,this paper empirically verifies the impact of social insurance on household financial vulnerability using a probit model,and the findings show that multiple social insurance can significantly reduce the risk of households falling into financial vulnerability.The conclusion still holds after the endogeneity test.Social insurance suppresses household financial vulnerability through three channels:health human capital,education human capital and risk financial capital.Further analyses show that among the sub-categories of social insurance,the impact of unified urban and rural residents'insurance and unemployment insurance on reducing household financial vulnerability is not significant due to their relatively low coverage and treatment levels.Heterogeneity analyses find that the dampening effect of social insurance on household financial vulnerability is stronger in rural areas,among households with low levels of financial literacy of the head of the household,and among those with a head of the household holding a formal employment position.Therefore,this paper argues that further improving social insurance coverage and improving the social insurance system for flexibly employed people is of great policy significance for enhancing household risk resilience and improving household financial welfare.
Social InsuranceFinancial VulnerabilityHuman CapitalFinancial Capital
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NSTL
万方数据
