Influence Of Household Age Structure On Household Financial Asset Structure

Since the 21 st century,the age structure of China's population has changed significantly,the “demographic dividend”has disappeared,the degree of aging has continued to deepen,and changes in the age structure of the population have impacted the development of China's financial market.This article uses the data of the 2017 China Family Finance Survey of Southwestern University of Finance and Economics to conduct an empirical analysis and study the impact of changes in the family population age structure on the allocation of household financial assets from the perspective of the family population age structure.Based on life-cycle asset selection theory,behavioral asset portfolio theory,and background risk theory,this paper selects the age of the head of household,the proportion of the elderly population in the family,and the proportion of the juvenile population as the explanatory variables to study the influence of the age structure of the family population on the choice of family financial assets.Taking into account the participation of household financial assets and the size of risk,the explanatory variables select stocks,funds and wealth management products,bonds,and bank deposits to represent financial assets with different degrees of risk.Through theoretical and empirical analysis,this article mainly draws the following conclusions:(1)The age of the head of household has a life-cycle characteristic in the choice of risky financial assets,that is,it presents an inverted "U" structure.The impact on bank deposits of safe financial assets is not significant.(2)The age structure of the family population affects the choice of household financial assets.The proportion of theelderly population in the family is negatively correlated with the family's choice of bank deposits,high-risk assets and investment depth,and positively correlated with the choice of family low-risk asset bonds and investment depth.The increase in the proportion of family juvenile population can promote the increase of family bank deposit participation rate,increase the proportion of household investment in stocks,funds and wealth management products,and have no significant impact on the choice of bond assets and the depth of investment.(3)There is a clear urban-rural gap in the choice of household financial assets.The impact of the age of the head of household and the proportion of the elderly on rural bank deposits is greater than that of urban households;the age structure of the household population is significantly less important in selecting rural risky financial assets than urban households.(4)Factors influencing household investment in financial assets also include the number of household population,household asset-liability ratio,total household income,whether the family owns housing,the health status of family members,the gender and marital status of the household head,and the education level of the household head.The direction and extent of their impact on different financial assets are different.Finally,based on empirical research and the current status of China's economic and social development,this paper proposes relevant recommendations to encourage our families to participate in financial asset investment and promote the development of China's financial market.