The Influence Of Population Age Structure On Family Financial Asset Selection And The Development Of-Regional Differentiation

Now,China has entered an aging society,and the choice of family financial assets is related to the age structure of the population.Through various links,the household’s investment behavior will finally affect the resource allocation of the whole society and the financial structure of our country,as well as the development of the financial market and macroeconomic stability.Using CHFS micro survey data,this paper explores the influence of population age structure on family financial asset selection.According to the present situation of family financial assets structure in China,this paper analyzes the total amount of Chinese family financial assets and the age structure of population,and explores the behavioral choice of Chinese family financial assets under the background of population aging.And then analyzes the factors affecting China’s family financial assets structure from both macro and micro perspectives.From the perspective of population age structure and regional differences,this paper discusses the influence of family age structure on the choice of family financial assets,introducing regional variables such as: eastern,central,western China,urban and rural;To explore the regional differences of population age structure on family financial asset selection.Head age,older population,younger population,region and head age squared item(AGE2)as the core explanatory variable,since there is a nonlinear relationship between age and asset selection,the square term of age is added.The explained variables selected safe assets: bank deposits,and risky assets: financial derivatives,government bonds,funds,and stock.And selecting the control variables from three aspects: householder characteristics,family characteristics and regional characteristics.In this paper,Logit model is used for empirical analysis and Probit model is used for robustness test.Finally,The conclusion of this paper is divided into two levels:Firstly,the impact of the age of household head on the choice of family assets and regional differentiation research:(1)with the increase of age,the participation of households in bank deposits shows an increasing nonlinear relationship;The participation of stocks,funds and financial derivatives showed an inverted "U"-shaped non-linear relationship with the first increase and then decrease.Government bonds had no significant effect.(2)When the location of the family changes from other regions to the eastern region,the probability of the family holding financial products increases.Second,the study on the influence of the ratio of elderly population and adolescent population on family asset allocation and regional differentiation :(1)With the increase of the ratio of elderly population,the possibility of family holding financial products increases.(2)When the family location changes from other regions to eastern regions,the likelihood of owning stocks and funds increases.The policies or suggestions proposed in this paper are based on empirical research.The Angle comes from government,financial institutions and household investment.Different point of view of policy recommendations on the one hand,the family unit can by optimizing the configuration structure of financial assets to increase revenue,on the other hand,the relevant departments can also be introduced on how to optimize the configuration of the structure of financial assets security policy to enrich the financial markets,to make the family financial assets structure optimization,increase the development of national economy,the financial markets.