Study On The Impact Of Population Aging On Household Financial Asset Allocation ——Based On The Mediating Effect Of Risk Attitude

Since the 21 st century,the proportion of elderly population in China is increasing day by day,the degree of aging is increasing year by year,the age structure of China’s population is very different compared to the previous,the development of financial market is deeply affected by the degree of population aging.At the same time,household financial asset allocation behavior is also constrained and rippled to some extent by the proportion of the elderly population in households.This paper conducts an empirical study using the2018 China Household Tracking Survey data from Peking University to analyze the impact of population aging on household financial asset allocation behavior.By analyzing modern portfolio theory,life-cycle hypothesis,and background risk theory,this paper selects the proportion of elderly population in households as an indicator to measure the aging of households and uses it as an explanatory variable in the empirical research part.The presence or absence of risky financial assets such as stocks and financial products and their holding ratio are selected as the explanatory variables to measure household financial asset allocation.The above variables are used as the key variables in the empirical study to investigate the impact of population aging on household financial asset allocation behavior.Logit and Tobit models are used to study the participation and depth of participation in household financial risk market,and to ensure the credibility of the empirical study,robustness tests are conducted by cutting from multiple perspectives.Risk attitude is used as a mediating variable for mechanism testing,and the sample is grouped by urban-rural,regional,and household age for heterogeneity testing.Through the analysis of the current situation and empirical research,this paper draws the following conclusions: First,household risky financial asset allocation is inhibited by the proportion of elderly in the household,as the proportion of the elderly population continues to increase,the enthusiasm of household risky financial market participation is inhibited and the proportion of household risky financial assets becomes lower and lower.Second,risky attitudes play a partially mediating effect in the process of population aging affecting household financial asset allocation.Specifically,the higher the proportion of elderly people,the more risk-averse their households tend to be,which in turn reduces their allocation of risky financial assets.Third,the effects of population aging on household financial asset allocation show significant differences between urban and rural areas,between central and eastern regions,and between households of different age structures.In urban areas,eastern regions,and middle-aged and elderly households,the increase in the proportion of elderly population suppresses household participation in risky financial markets and the proportion of corresponding asset allocation,while the effect is not significant in rural,central and western regions,and young households.Finally,this paper summarizes the full paper based on the empirical results and proposes specific policy recommendations from three perspectives: the government should regulate market behavior and create a favorable environment for financial development;financial institutions should innovate financial products and improve the relevance of financial services;and individual residents should actively learn financial knowledge and improve their financial literacy.