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Hongyang Wang, Dayong Zhang, A. Guariglia, Gang-Zhi Fan (2020)
‘Growing out of the growing pain’: Financial literacy and life insurance demand in ChinaPacific-basin Finance Journal
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Childhood unexpected trauma casts a lifelong shadow on subsequent financial behaviours. The existing literature has mainly investigated stock or bond market participation, and few scholars focus on insurance decisions. Our paper enriches previous studies by testing the impact of childhood famine exposure on household life insurance demand in middle and older age groups. Using CHARLS, we discover that householders exposed to the 1959–1961 Great Chinese Famine as children were more inclined to own life insurance policies and pay higher premiums. Specifically, respondents who experienced the famine between 0–2 or 7–17 years old highly promoted their life insurance demand, whereas no statistically significant effects were observed for preschool famine experience. Additionally, women and people with three or more children were more likely to be influenced by the famine. Finally, risk and time preference were effective mediation factors, both channelling around 5% of the relationship.
Applied Economics Letters – Taylor & Francis
Published: May 4, 2023
Keywords: Life insurance demand; famine; middle and older ages; mediating effects; D91; D81; G14
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