Research On The Influence Of Population Structure On Family Financial Asset Allocation

Recently,the China’s household income has steadily increased,the household wealth has accumulated,and the allocation of household financial assets has also undergone new changes.As the most basic social unit,the asset allocation status of the family has an important impact on the financial market as well as the overall economic development.Therefore,this paper selects the family financial assets allocation as the key study object,from the visual angle of population structure,and explores in depth the effect of family demographic age structure,gender structure and size structure on family financial assets participation and holding proportion.Considering that the head of household,as the main decision maker of family financial investment,has personal characteristics that will affect the family financial asset allocation with different demographic structures,it is of practical and innovative significance to select the financial literacy,risk attitude and subjective well-being of the head of household as moderating variables and investigate the effects of these variables on the relationship between population structure and allocation of family financial assets,respectively.Firstly,this paper analyzes the background and significance of the study,and generalizes the theoretical and empirical research results of predecessors.Secondly,on the basis of concluding the correlative theories such as theory of behavioral asset portfolio,life cycle model,OLG and liquidity preference theory,this paper analyzes the mechanism of the influence of demographic structure on family financial asset allocation,and the moderating effects of financial literacy,risk attitude and subjective well-being on the relationship between population structure and family financial asset allocation.Then,the current situation of family population and financial asset allocation in China is carefully analyzed and explained.Finally,an empirical analysis is conducted using the data of China Household Finance Survey（CHFS2019）.The results show that the underage population proportion of the family,the aging population proportion of the family,the male-dominated family and the unmarried boy family are significantly negatively correlated with the participation of family risk financial assets,while the family size is significantly positively correlated with the financial assets participation.The underage population proportion of the family,male-dominated family,unmarried boy family and family size are significantly negatively correlated with the holding proportion of family risk financial assets.In the households that have participated in the financial market,the higher the aging population proportion of the family,the higher the proportion of family risk financial assets held.Financial literacy and risk attitude have moderating effects on family age structure and family financial asset allocation.The improvement of financial literacy and risk preference can reduce the negative effect of the aging population proportion of the family on family financial asset allocation.Subjective well-being has a moderating effect on the relation between population structure and family financial asset allocation.According to the conclusions of this paper,pertinence countermeasures and proposal are proposed in terms of promoting the development of pension finance;improving financial literacy;providing personalized financial services;promoting family financial consumption;relieving the pressure of competitive savings.