Abstract: A commercial annuity is a financial product in which individuals protect themselves by purchasing insurance from private insurance companies at a young age, and choose between a lump sum payment and regular monthly installments. In return, they receive fixed regular payments until death. As China grapples with the pressing challenges of an aging population and an increasing social welfare burden, numerous studies have demonstrated the potential of commercial pension annuities as a viable solution for the government to mitigate longevity risk. However, despite the proven benefits of private pension annuities, their uptake by consumers remains limited. The current body of academic marketing research has not provided sufficient guidance on how best to stimulate consumer willingness to purchase commercial pension annuities. Therefore, further research is warranted to address this gap and provide insights for enhancing the uptake of commercial pension annuities.
The primary objective of this study is to address the research gap and determine an effective strategy to motivate individuals to purchase commercial pension annuities. Additionally, it aims to investigate the psychological mechanisms of consumers and the factors that influence the purchase of commercial pension annuities. To achieve these objectives, the study employs a moderated mediation model that combines double-entry mental accounting theory and the framing effect to examine the impact of commercial pension annuity on purchasing decisions. The study aims to investigate whether individuals prefer consumption annuity over investment alternatives. It also explores the underlying mechanism of this preference through two channels of double-entry mental accounting. The first channel captures the positive utility derived from consumption after payment, referred to as "the pleasure of consumption." The second channel records the disutility of paying for gains, known as "the pain of paying." Additionally, this study investigates the moderating effect of goal framing on this relationship.
The study was conducted using a situational experiment with 492 participants, using a 2 (annuity advertisement: consumption vs. investment) x 2 (goal framing: positive vs. negative) between-subjects design. Participants were randomly assigned to one of four groups and instructed to imagine purchasing a commercial pension annuity before completing scales. The collected data were then analyzed, and the primary findings were as follows. First, consumption annuity plans were found to be more effective in enhancing consumers' willingness to purchase commercial pension annuities. This is primarily due to consumers' tendency to avoid investment pension plans owing to uncertainty and concerns about potential financial losses. Second, the pleasure of consumption and the pain of payment were found to have a mediating effect. In other words, consumption annuities were found to increase consumers' enjoyment of consumption and thus positively influence their purchase intention. Lastly, a significant interaction effect was observed between the goal framing and the type of annuity advertisement on individuals' inclination to purchase. Specifically, under negative goal framing conditions, investment annuities were associated with lower consumption pleasure and a lower tendency to choose pension annuities.
In summary, this study provides valuable insights into the psychological mechanisms of "investment aversion" in consumer purchasing behavior toward commercial annuities. The findings highlight consumers' preference for consumption annuities and demonstrate the mediating role of double-entry mental accounting, as well as the moderating effect of negative goal framing in decision making. Moreover, the observed interaction between commercial pension annuity type and goal framing underscores the theoretical and practical implications of leveraging information framing in the private pension annuity insurance sector. Overall, these conclusions contribute to the existing literature on annuity consumption and have important marketing implications for enterprises operating in this sector. By enhancing our understanding of consumer psychology in pension planning, this research provides valuable guidance for developing more effective marketing strategies and product designs, potentially increasing the adoption of these crucial financial instruments among consumers.

Key words: annuity puzzle, framing effect, double-entry mental accounting, commercial pension annuity, goal framing

摘要： 基于框架效应及双通道心理账户理论,该研究探讨了年金宣传类型与目标框架对商业养老年金保险购买意愿的影响及内在机制。结果发现：相比于投资型年金,消费者对消费型年金的购买意愿更高。双通道心理账户的消费快乐和支付痛苦在年金宣传类型与购买意愿之间起中介作用,即消费型年金比投资型年金引发了更高的消费快乐、更低的支付痛苦,从而导致了更高的购买意愿。同时目标框架在其中起到调节作用,具体言之,在消极目标框架下,相较于投资型年金,消费型年金引发的消费快乐更高,购买意愿明显也更高;但在积极目标框架下则两种差异不显著。该研究结论不仅丰富了商业年金的理论研究,同时也为制定商业年金的助推策略提供了一定的参考依据。

关键词: 年金宣传类型, 框架效应, 双通道心理账户, 商业年金, 目标框架