| In recent years,the acceleration of the aging process has weakened China’s labor cost advantage,and the development of labor-intensive industries with comparative advantages has been limited,which has brought challenges to the sustainable development of China’s economy.There are many talents with knowledge,experience and skill advantages in the elderly group,which is still a valuable human resource wealth in economic and social development,and studying the labor behavior of the elderly is of great significance for the development of elderly human resources,coping with the aging population and the dilemma of economic structural transformation.Innovations in financial market products and services provide investors with more diversified choices,but as they age,the uncertainty of consumer spending makes households more inclined to hold liquid,safer-looking assets.In fact,compared with only risk-free investment,diversified financial investment by families can more effectively increase property income and accumulate family wealth,and the higher the level of family wealth,the more the elderly are inclined to replace labor with leisure.In addition to income from investments,financial support from children is also an important source of income for older people,but as the phenomenon of "back-feeding" becomes more common,older people may continue to work out of the desire to accumulate wealth for future generations.Therefore,the labor participation of the elderly in decision-making is bound to be affected by family economic and financial behavior and intergenerational behavior,this paper takes this as the starting point of research,not only is it conducive to helping the elderly reduce the labor burden caused by economic factors,so that the elderly are happy to realize their self-worth in "doing something",but also can promote the development of the silver economy and achieve a win-win situation of economic and social benefits.Based on the existing research,this paper takes the family production theory,life cycle hypothesis,asset portfolio and intergenerational support motivation as theoretical support,in order to reveal the influence and influence mechanism of household financial asset allocation on the labor participation of the elderly.The specific research content is as follows: first,the impact of household financial asset allocation on the labor participation of the elderly and different types of labor participation by using the data analysis of the 2019 China Household Finance Survey(CHFS);Secondly,from the perspective of intergenerational economic support,the mechanism of intergenerational economic support of parents and children’s intergenerational economic support in household financial asset allocation and labor participation of the elderly is discussed.Finally,based on the division of education level,pension insurance participation,eastern,central and western regions,and urban and rural areas,the heterogeneity of the impact of household financial asset allocation on the labor participation of the elderly is analyzed.Through the above research,this paper concludes that(1)household financial asset allocation will reduce the labor participation rate of the elderly,which is particularly prominent among the elderly engaged in agricultural labor,and the impact of risk assets is stronger than that of household savings;(2)From the perspective of intergenerational economic support,the increase in the proportion of intergenerational economic support of parents will weaken the impact of household financial asset allocation on the labor participation of the elderly,while the increase of the proportion of intergenerational economic support of children will strengthen the impact of family financial asset allocation on the labor participation of the elderly;(3)The effect of reducing the labor participation of the elderly on household financial asset allocation is more obvious in the relatively weak elderly group,and the elderly with low education level,uninsured,central and western China and rural areas are the main beneficiaries of family financial asset allocation.Based on the above research conclusions,this paper puts forward a number of policy recommendations:(1)strengthen the understanding of the financial market and financial risks of elderly investors,and help the elderly overcome the psychological barriers to participating in the risk financial market;(2)Cultivate children’s awareness of "filial piety",reduce the crowding out of the impact of "back-feeding" on family financial asset allocation,and stabilize the labor participation of the elderly;(3)From the three levels of strengthening financial publicity,expanding the coverage of endowment insurance and improving the level of financial development in backward areas,improve the breadth and depth of financial market participation of the elderly vulnerable groups,so as to effectively reduce the labor burden of the elderly. |
