Research On The Influence Of Family Population Structure On The Allocation Of Family Risk Financial Assets

With the transformation of China’s high-quality economic development in recent years,the per capita income level of residents has steadily increased,the level of household wealth has risen,the awareness of financial investment and risk management has grown,and the demand for diversification of household asset allocation has grown.As the most basic social unit,the asset allocation of family will not only be related to the level of family welfare and property income,but also have an important impact on macroeconomic regulation.Changes in demographic characteristics such as fewer children and deeper aging of families in the context of fertility policy adjustment will deeply change the consumption structure and risk tolerance of families,which in turn will affect their savings and investment decisions.Against this background,this paper selects household risk financial assets allocation as the research object and analyzes the influence of the proportion of household juvenile population and the proportion of elderly population on it.By combing the existing literature and related theories at home and abroad,the impact of household demographic structure on household risk financial asset allocation and the intermediary transmission mechanism of basic pension insurance are analyzed at the theoretical level,and empirical tests are conducted using the probit model and tobit model based on the 2019 China Household Financial Survey data.The results show that changes in household demographic structure significantly affect household allocation of risky financial assets,i.e.,increases in both the proportion of the elderly population and the proportion of the juvenile population reduce the likelihood and ration of households holding risky financial assets and can indirectly exert a dampening effect by reducing the proportion of household participation in basic pension insurance,and this effect has significant regional heterogeneity and urban-rural heterogeneity,for those in urban and in eastern regions The inhibitory effect of household demographics on household risky financial asset allocation is more significant.Based on the results of research theoretical analysis and empirical findings,this paper puts forward the following recommendations at three levels: changing fertility concepts and improving financial literacy;improving service quality and innovating financial product supply;optimizing fertility subsidy and childcare subsidy policies to reduce fertility costs;improving the social security system to enhance the enthusiasm of family financial market participation;optimizing resource allocation to shorten the gap between regional development and residents’ living standards;and improving the financial market regulatory system to create a favorable financial ecological environment.