Research On The Impact Of Financial Literacy On Urban Household Financial Assets Choice

Financial literacy is a kind of important human capital,is the consumer grasp the management of financial resources for their own financial well-being of the knowledge and skills,financial literacy has important effects on consumer financial decisions.With the rapid development of financial market,the availability of consumer financial products and services in the enhancement,and the financial products and services in the form of a more diverse,to mature financial services is the trend of The Times,these new forms of financial knowledge poverty group financial decision constitutes a great challenge.At the same time,the international trend for the reform of pension individual pension more will rely more on personal accumulation,but with the progress of medical technology,food science and technology and the improvement of health condition,continuously extended life expectancy and life after retirement will need more wealth,which requires the individual to the reasonable arrangement of the life cycle consumption,savings and investment,especially to err on the side of the pension plans,which can better meet the consumer demand after retirement,this also to individual financial literacy put forward higher requirements.In such a big background,the governments have expressed concern about domestic residents financial literacy,launched a series of measures to boost the domestic residents' financial literacy.According to the international trend of the evolution of family assets structure,the future of financial assets in the family the proportion will gradually increase in financial assets,financial literacy on the influence of household financial assets choice behavior has important theoretical and realistic significance.This study focused on literacy's impact on household financial assets choice.The second chapter to the family financial theory in detail and related literature,this paper mainly introduces the definition of financial literacy,measures of financial literacy and financial literacy to research on the effects of family financial behavior.The third chapter focuses on the general situation of the financial literacy of the world's major countries,describes our country town family financial assets structure,detailed measures of financial literacy of urban households in China and the basic situation,the whole family financial literacy levels of our country town is not high,low financial literacy group is often accompanied by low income,low education level,there is no formal professional characteristics.The fourth chapter studies the financial literacy of urban families to participate in the impact of financial markets,is interpreted for the virtual variables.Correlation analysis found that financial literacy and the family of stocks,bonds,funds and risky asset markets there is significant positive correlation,participation points,subjective and objective financial literacy.Probit model regression analysis found that financial literacy to family very significantly positive influence on stock market participation rate existence,and the influence of subjective financial literacy.And objective financial literacy's influence on the bond market is too significant,but subjective financial literacy's influence on the bond market participation rate is very significant.The fifth chapter discusses the family financial asset allocation in the role of financial literacy,the results show that financial literacy and household financial asset allocations are related.Regression analysis found that financial literacy to family shares,funds,bonds,and risk assets of financial asset allocation has significant positive effect.The sixth chapter analyzes the financial literacy influence on household financial portfolio diversification,through the family anthomyiidae in financial assets and financial assets held by the fragmentation index to reflect the financial portfolio diversification.Correlation analysis results show that the objective and subjective financial literacy and financial literacy family anthomyiidae in financial assets and financial assets is diversity index related to the regression analysis found that financial literacy to the financial portfolio has significant positive influence on biodiversity.Quantile regression results show that the high level of financial literacy on portfolio diversity family influence is greater.Household participation in financial market,asset allocation and financial portfolio diversification degree eventually will be reflected in the financial assets,so the seventh chapter discusses the impact on household financial assets financial literacy.Financial assets,according to the results of financial literacy and family size was significantly positive correlation.Regression analysis found that financial in literacy scale has significant positive influence on financial assets,the improvement of the financial literacy level significantly increase household financial assets.Quantile regression results confirmed that the financial literacy levels of financial assets of higher family influence is relatively small.At the same time,the financial literacy of financial assets with regional differences:the influence of the financial assets in the capital city is bigger family's influence is greater.The eighth chapter summarizes the full text of research conclusions and policy implications,and indicate the further research direction in the future.