Age Gap Between Husband And Wife And Risky Financial Asset Investment

Marital matching patterns have an impact on risky financial asset investment of the family,but few studies have focused on the impact of age gap between husband and wife on risky financial asset investment of the family.Based on this background,this paper empirically examines the effect and transmission mechanism of age gap between husband and wife on risky financial asset investment by using the data of China Family Panel Studies(CFPS)from 2010 to 2018.The results show that the age difference between husband and wife can significantly reduce the likelihood of the family to invest in risky financial assets,and the difference is more significant in the pattern of "male big female small".After the benchmark regression,by changing the econometric model,using recent samples,redefining explanatory variables and other robustness tests,we found that the results are still significant.Secondly,the heterogeneity analysis shows that the age gap range of husband and wife,the type and province of the family and the range of the family income all have an impact on the relationship between the age gap of husband and wife and the investment decision of the family’s risky financial assets.Then,we use the mean value of the absolute value of the age gap between husband and wife in each province as the instrumental variable to conduct endogeneity discussion,and find that the conclusion is still reliable.Finally,according to Wen Zhonglin’s three-step method,the mediating effect analysis shows that marital satisfaction and family income are important transmission channels,which makes the age gap between husband and wife have an impact on the investment of family risky financial assets.The article objectively evaluate the couple age difference influence on family financial asset investment risk decision-making,at the same time,in a rich research can also help financial institutions to have a better understanding of the different family financial products investment demand,and also for relevant policymakers adjust the household income and improve financial asset allocation provides a certain reference.