Study On The Impact Of Family Structure On Household Risky Financial Asset Allocation

In recent years,the continuous growth of Chinese residents’ income has brought a huge demand for household investment.In 2021,the financial keywords of China’s two sessions focus on the same topic--“residents’ financial investment income”.How to improve household financial investment income has received widespread attention.Compared with western developed countries,the proportion of resident financial investment in China is very low.With the growing household assets,it is particularly important for residents to allocate risky financial assets.In accordance with the logical sequence from theoretical research to empirical research and then to policy suggestions,this paper divides the family structure into age structure and education structure.At the same time,according to the related theory,analyzes the theoretical mechanisms of family structure on family risk of financial asset allocation mechanism,and study the effect of family structure to the family risk investment from the perspective of family income and risk appetite,and put forward in this paper,the research hypothesis.Secondly,based on 2019 CHFS data,this paper empirically analyzes the impact of family structure on the allocation of risky financial assets.The research finds that :(1)family age structure will affect the investment decisions of families.The more members over 60 years old in a family,the probability of participating in risky financial assets investment will be significantly reduced.(2)the probability of residents to invest risk positively related with the level of education in family relations,bachelor degree or above in the family increased the proportion of family members,family education level unceasing enhancement,the family accept and process information ability is stronger in financial markets,can be more rational to make risky financial assets configuration.(3)Compared with rural households,urban households are more willing to participate in risky financial asset allocation;Households in the central and Eastern parts of the country are more likely to participate in the market for risky financial products than households in the west.If a family member is unemployed,the educational structure and age structure will have a more significant impact on the family venture capital decision.(4)This paper constructed a mediating effect model to test the mechanism.Taking family income level as a mediating variable,the empirical results show that education structure and age structure will significantly affect family income level.At the same time,the level of household income will also significantly affect the allocation of household risk financial assets and have an intermediary role.Education structure and age structure influence the allocation of risky financial assets by influencing household income level.This thesis believes that for individual households,they should analyze their own asset distribution and their ability to resist investment risk assets,and participate in the financial market in a targeted manner,so as to conform to the new stage of economic development;for financial institutions,they should innovate related financial products according to the risk preferences and asset allocation needs of different families to meet the investment needs of individual families;for the government,education reform should be strengthened and the income distribution system should be gradually improved,and the ability of individual families to resist risks in the allocation of risky financial assets in households should be strengthened So that every family has the ability and willingness to participate in the financial market and share the dividends of the times.