Research On The Influence Of Educational Background On The Choice Of Family Financial Assets

The acquisition of property income through investment in financial assets is an important way for households to realize the preservation and appreciation of wealth.As an integral part of the micro-features of the family,the educational background has an important impact on the implementation of family financial decisions.Under the realistic conditions of the continuous accumulation of income of our residents,the increasingly complicated financial environment,and the limited participation of financial markets,we explore how to promote the participation of family financial markets,improve the family financial exclusion,and broaden the development boundary of family inclusive finance by improving the educational background.It is consistent with the policy direction of increasing residents' property income channels,and is also in line with the advancement goal of deepening China's capital market reform.Therefore,the article takes the 2014 China Family Tracking Survey data as a research sample,and discusses the influence of family education background on the selection of financial assets such as stocks from three aspects: theoretical analysis,realistic investigation and empirical research.In the theoretical analysis part,referring to the existing literature,the academic level is regarded as the core explanatory variable of the family education background.The professional education as the adjustment variable focuses on the characteristics and mechanism of family financial decisionmaking,and from the wealth income,cognitive ability,financial literacy and The risk attitude is combed in four angles.Based on the CFPS survey data,the reality survey part describes the holding of family financial assets in China.Compared with the financial markets of developed countries such as the United States,it is found that the proportion of household financial assets in China is low,and the structure is single.At the same time,the correlation between family education background and financial asset selection in the sample data is consistent with theoretical analysis.In the empirical research part,the Probit and Tobit models are used to explore the influence of educational background on the participation tendency and participation degree of family financial assets.On this basis,the differences between the educational level and the family financial asset selection in urban and rural areas and professional background are analyzed.The path through which education is influenced affects the choice of household financial assets.Based on the above analysis,the following conclusions are drawn:(1)There is a certain irrationality in the allocation of family financial assets in China,and the proportion of household financial assets allocation is obviously unbalanced.(2)The educational level has little effect on the household lending participation tendency,but it will significantly promote the family's participation tendency and participation level in stocks,funds and other financial products.(3)Relative to rural families and families without professional backgrounds,the tendency and degree of urban households with professional backgrounds to participate in financial products are more affected by the level of education of the head of the household.(4)The educational background can promote its willingness to participate in financial products by improving the family income level,improving the householder's cognitive ability,strengthening the subjective and objective financial literacy of the head of households,and increasing the patience and response to complex financial markets.Finally,based on the research contents and conclusions of this paper,it puts forward policy recommendations to consolidate the foundation of education development,promote the popularization of financial knowledge,and strengthen the supply side reform of financial institutions,aiming at improving the educational background of residents' families and the supply of financial institutions,promoting their participation in financial markets,and realizing financial Reasonable allocation of assets.