The factors of young adults' planning and purchase insurance in advance under the insufficient old-age annuity

With the extension of average life expectancy and the sharp increase in the proportion of the elderly population, the portion of labor insurance old-age pensions is expected to face insolvency in the coming years. Moreover, as age increases, the likelihood of health problems also rises. Therefore, in cases of insufficient old-age annuities, it is necessary to plan and purchase insurance in advance to raise public awareness of this impending crisis. This study primarily investigates the influence of young people on behavioral intentions across various dimensions, including behavioral attitude, subjective norms, perceived behavioral control, perceived performance risk, and perceived health risk. It also examines the willingness of individuals aged 20 to 40 to plan in advance and purchase insurance, particularly in the context of insufficient old-age annuities. The results indicate that behavioral intentions, behavioral attitudes, subjective norms, and perceived health risks significantly positively influence young people's intentions to purchase insurance. Conversely, perceived performance risk has a significant negative impact on their willingness to buy insurance. Additionally, perceived behavioral control does not have a significant effect on young people's behavioral intentions regarding insurance purchase.