Research On The Impact Of Financial Literacy On Family Portfolio

With the rapid development of China's national gold economy as a whole and the increase of national disposable income,household investment has occupied an increasingly important proportion in the overall social financial market,providing an inexhaustible impetus for the rapid development of the overall capital market.In recent years,China has produced a variety of financial innovations.In addition,risk management products such as stocks,bonds and funds have also been recognized by the majority of household investors.In order to obtain more return on investment,more household investors begin to make these risky investments.However,it should be noted that in the process of choosing family portfolio,we must pay attention to the improvement of financial literacy.Based on the current research situation and related theories at home and abroad,this paper collects relevant data by questionnaire survey.Then,relying on Probit model and Tobit model,this paper explores the relevant effects of financial literacy on the risk market participation rate and depth of participation,stock market participation rate,participation depth and stock market profitability in China's household portfolio.This paper has the following conclusions: Financial literacy can have a significant impact on household portfolio;Financial literacy can not only significantly promote the participation rate of risk market in household portfolio,but also can improve the proportion of risk assets in household portfolio;Financial literacy can promote the participation rate of stock market in household portfolio,but it cannot promote the ratio of stock asset;The level of the investment participants' financial literacy cannot influence the interests of the whole stock market.