The Influence Of Financial Consumer Education On The Allocation Of Urban Household Financial Assets

With the development of economy and the improvement of residents' income,residents are becoming more and more aware of the importance of financial education and began to formulate various financial education plans.For ordinary households,the allocation of financial assets helps to balance the family budget,to buy housing,to subsidize children's education and to improve family financial welfare,so financial education,financial awareness and financial literacy are becoming more and more important to family financial management and financial asset allocation.However,the development of the financial market makes consumers face numerous and complicated financial products,and if lack of financial education,they may increase financial exclusion and raise financial risks.Obviously,financial consumer education can help financial consumers choose financial products more rationally and optimize the allocation of family financial assets.On the basis of this,this paper makes a descriptive analysis of the financial consumer education and the allocation of family financial assets on the basis of the related theories and literature of family assets allocation and financial consumer education,and uses the data of domestic consumer finance survey of Chinese urban residents in the China Financial Research Center of Tsinghua University in 2012,with the help of O.LS,Probit,Tobit model and instrumental variable method,etc.,focused on the impact of financial consumer education on household financial asset allocation.The empirical results show that both the financial consumer education cost and the financial consumer education time can significantly promote the promotion of the total family financial assets,especially for the risk assets such as stocks and funds.It is also found that gender has no significant regulatory role on the impact of financial consumer education on the allocation of family financial assets.However,the higher the financial necessity and the more developed areas,the financial consumer education is more conducive to the allocation of family financial assets.Finally,from the perspective of the impact mechanism,this paper finds that risk preference and financial expectation will mainly promote the allocation of risk assets,and financial knowledge will not only promote the optimal allocation of more financial assets,but also have a positive impact on the riskless assets such as savings,while financial status is not a financial cancellation.The mediator path of family financial asset allocation is influenced by fee education.The empirical results of this paper basically verify the role of financial consumer education on the allocation of family financial assets,and find that financial consumer education helps to promote the increase of family risk assets.In addition,this paper examines and examines the mechanism of financial consumer education that affects the allocation of family financial assets to provide a microcosmic basis for financial development and economic growth through financial consumer education,which is an important supplement to the existing literature.In order to realize the optimal allocation of family financial assets through financial consumer education,this paper believes that the following aspects can be made as follows:one is to eliminate the financial market environment and strengthen the protection of financial consumers;two,the government should strengthen the investment in financial education,optimize the financial education environment,and three,the financial institutions should broaden the financial education.Channel,increase the popularization of financial knowledge,and finally,consumers should pay attention to the promotion of financial literacy and rationally configure family financial assets.