Research On The Effect Of Population Structure On The Allocation Efficiency Of Urban Household Financial Assets Under The Background Of Aging

China has now entered a deeply aging society,and the degree of aging continues to accelerate,and is expected to reach its peak by 2040.The population structure is changing in the context of aging: the elderly population is increasing,and the children,teenagers and labor force are decreasing.The demographic changes not only affect the growth of China’s macroeconomy,but also act on micro households,influencing the degree of household financial market participation and financial asset allocation decisions,thus affecting the efficiency of household financial asset allocation.Using the third,fourth and fifth rounds of CHFS data conducted nationwide by the China Household Financial Survey Center in 2015,2017 and 2019,this paper uses the Sharpe ratio to measure the efficiency of household financial asset allocation and employs a model to empirically investigate the degree of influence,trends and mechanisms of influence of the population share of different age groups on the efficiency of financial asset allocation of urban households.The results of the empirical study show that: demographic structure has a significant impact on the financial asset allocation efficiency of urban households;an increase in the proportion of the elderly population will reduce the financial asset allocation efficiency of urban households;an increase in the proportion of the young population and labor force population aged 0-14 will increase the financial asset allocation efficiency of urban households;an increase in the proportion of the young and middle-aged population will increase the financial asset allocation efficiency of urban households,and the marginal effect has a rising and then declining trend.There is a "hump-shaped" trend.In addition,annual household income,household located in the east,number of properties owned,risk preference,amount of transfer payments to parents,female head of household,married head of household,and education level of head of household have significant positive effects on financial asset allocation efficiency of urban households.The financial asset allocation efficiency of rural households is negatively affected earlier and with higher marginal effect by the increase in the proportion of elderly population,and the financial asset allocation efficiency of urban households with low education of household head,low income,low number of properties,and western region is negatively affected by the increase in the proportion of elderly population with higher marginal effect,and positively affected by the increase in the proportion of young population with higher marginal effect.The increase in the proportion of elderly population reduces the efficiency of urban household financial asset allocation by decreasing the degree of household risk preference and decreasing the amount of transfer payments to parents,while the proportion of young population and labor force population improves the efficiency of urban household financial asset allocation by increasing the degree of household risk preference and increasing the amount of transfer payments to parents.Based on the research results,this paper proposes the following recommendations: the government should accelerate the construction of a multi-level pension system and insist on the coordinated development of the "three pillars" of pensions;increase the subsidies for childbirth and increase the income protection for women during childbirth by means of cash subsidies to increase the willingness of society to have children;pay attention to the cultivation of high-quality labor force and improve the education level of the labor force.We should improve the education level of the labor force,and provide impetus for the high-quality development of China’s economy;formulate tax subsidies and other related policies to increase support for pension finance;and strengthen financial support for rural areas,central and western regions to promote the coordinated development of urban and rural areas,and economic regions in the east,middle and west.Financial institutions should raise the awareness of innovation,pay attention to financial services for the elderly,tap the financial needs of the elderly,design financial products with low risk and high retention rate,and increase financial knowledge popularization through new media campaigns and lectures to improve the participation of resident families in the financial market.Residents should take precautions against old age,purchase financial products such as pension insurance and annuities to relieve family pressure on old age,and make efforts to improve their education so as to make more scientific and reasonable investment decisions and enhance the efficiency of family financial asset allocation.