Research On The Influence Of The Educational Level Of The Head Of Household On The Allocation Of Family Financial Assets

With the continuous increase of per capita disposable income of urban residents,the problem of household financial asset allocation has attracted the attention of the theoretical and practical circles.The head of household occupies a pivotal position in the allocation of household assets,and there are many factors influencing the reasonable allocation of household financial assets.This article attempts from the perspective of human capital,to explore the head of the household with his family's financial asset allocation by the education level of market participation,portfolio diversification,the relationship between the financial asset allocation structure,and the head of the household risk appetite,the mediation effect of household income instability.Firstly,based on the human capital theory,behavioral finance theory and asset portfolio theory,we construct the framework of the influence of the level of education of household heads on the allocation of household assets.Secondly,using the relevant data from the 2012-2014 China Family Panel Studies(CFPS),using the probit model,poisson model,and tobit model,analyzes and explains the impact of household education level on the market participation of household financial assets,the diversity of asset portfolio,the proportion of financial assets in the allocation of household financial assets,and the proportion of risk investment in the allocation of household financial assets.Finally,the corresponding countermeasures and suggestions are proposed.It was found that:(1)the education level of household owners had a significant influence on the family's financial asset selection behavior.Households with higher education levels are more likely to enter financial markets.(2)The education level of household heads has a significant positive impact on the diversity of household financial asset portfolio.Households with higher education levels have more diversified portfolios.(3)The education level of household heads is one of the influencing factors of household financial assets ratio and risk assets ratio.(4)The mediating effect of household financial asset allocation is mainly related to risk attitude and family income instability.The education level can affect the household financial asset allocation through risk attitude and family income instability.To a certain extent,this research is the practical application and development of human capital theory,investment behavior finance,and asset portfolio theory.At the same time,the relevant research conclusions will further optimize the allocation of household financial assets,and enhance family acquisition and happiness.Promote the building of a well-to-do society in an all-round way to provide reference.