The Impact Of Family Children's Education Expenditure On Family Risky Financial Asset Allocatio

Since the third scientific and technological revolution,knowledge economy has been paid more and more attention,and professionals who have received higher education have also become an important engine of national economic development.Under China’s existing nine-year compulsory education system,many families and individuals continue to increase education expenditure in order to obtain employment competitive advantage,share education costs,and purchase additional education resources to supplement public education resources,resulting in a significant increase in family education expenditure in China.In 2021,following the Shenzhen Stock Exchange and Shanghai Stock Exchange,the Beijing stock exchange ushered in the opening of the market,the scale of China’s capital market was further expanded,and relevant financial products and policies were enriched and improved.The investment participation of Chinese families in risky financial assets has become a topic that can not be underestimated.Based on the classical theory and interdisciplinary development,this study combs the theoretical results and research gaps of existing relevant research,and explores the relationship between children’s education expenditure and risky financial assets in the family organic unit and their performance in families with different backgrounds from the perspectives of sociology,psychology and economics From the perspective of families and individuals,this paper puts forward some suggestions to promote the virtuous circle of children’s education expenditure and family risky financial asset investment.This study mainly adopts the methods of literature research,empirical analysis and cross research.According to the fifth round of survey data in 2018 in the China family panel studies(CFPS)database of Peking University,12454 families are taken as the research object.Based on the research perspective of family micro finance,the family’s education and training expenditure in the past 12 months is taken as the main explanatory variable,Taking the holding and proportion of risky financial assets as the explanatory variables,Tobit model is used for empirical analysis.Through systematic analysis,this study finds that: first,family children’s education expenditure has a significant positive impact on the allocation of family risky financial assets.Second,in high net worth families,families with more expenditure on children’s education are more inclined to allocate risky financial assets,and this positive relationship is that low net worth families are not significant.Thirdly,the allocation of family risk financial assets is significantly positively correlated with the age of family financial respondents,the education level of respondents,the total income and total assets of families;It has no significant relationship with a series of variables such as gender,marital status,family physical and mental health,and medical insurance participation;It has a negative correlation with the employment status of family financial respondents and the debt status of families.In view of the above situation,this study puts forward relevant suggestions from different angles.