| The returns of household financial asset investment is considerable,which can greatly improve household financial wealth.However,China’s household financial asset allocation structure lacks rationality,such as the limited participation of financial market,the asset allocation structure tends to hold bank deposits,etc.,and the single investment structure is difficult to achieve the goal of wealth maximization.Moreover,the severe aging level in China,which brings a heavy pension burden to the family and increases the uncertainty risk faced by the family.It can not help but arouse people to think whether the deepening degree of aging in China reduces the household financial market participation,and how the aging will affect the household investment behavior.Based on this,it is very vital to explore the connection with aging and household financial asset allocation.This paper selects the appropriate research method.Firstly,it expounds the relevant literature that affects the investment method of household financial asset portfolios,and understand the research trend of domestic and foreign scholars.Secondly,this paper summarizes the theories related to family asset portfolio and explains how population aging affects family investment mode based on relevant theories from multiple perspectives.Then,we to understand the aging of China’s development status,reasons and trends,and to analyze the present situation of household financial asset allocation by using microcosmic database,so as to have a deeper understanding of the current problems in China’s aging and asset allocation.Finally,based on the variable regression model to verify the effect of aging on asset selection,the ratio of the elderly population is taken as the core explanatory variable of this study,and the participation and proportion of stocks,wealth management products and bank deposits are used as the explained variables,and further investigation of the aging of population family the influence of different financial asset classes of households.In addition,the empirical part also conducts the urban-rural difference analysis and the income heterogeneity analysis.The study draws the following conclusions: First,aging will have different impacts on different types of financial assets,the more the elderly population,the greater the inhibition effect on stocks and financial products,and there is a positive correlation with bank.Second,there is urban-rural heterogeneity in the impact.Rural families may be due to their more serious aging and greater pension pressure,and lead to more obvious aversion to risk assets.Third,different income levels lead to differences in household asset structure.In other words,population aging has a greater negative effect on high-income families’ participation in the stock market,high-income families have less negative impact on wealth management products than low-income families.Finally,this paper summarizes the research results and provides policy suggestions from multiple subjects such as households,financial institutions and the government departments to optimize the structure of financial assets. |
