Research On The Impact Of Financial Literacy On Family Health Investmen

In recent years,environmental problems such as air pollution have emerged one after another,which have a certain impact on people’s lives and an impact on the health of individuals.As an important human capital,health plays an irreplaceable role in the development of the national economy and the improvement of personal income.While the state increases public health investment,it is also particularly important to improve the level of personal health.At the same time,financial literacy is an indispensable part in the study of family finance.The current types of financial products that residents can choose are becoming more and more abundant,making families face more financial risks.And the difference in the level of financial literacy will affect the level of family risk investment.Based on this,this paper studies its possible impact on family health investment from the perspective of financial literacy,which has strong theoretical and practical significance.Using data from the China Household Finance Survey(CHFS)in 2017,this paper empirically examines the impact of financial literacy on family health investment,and conducts related robustness tests.In addition,the paper uses risk attitude and household income as intermediary variables to verify the transmission mechanism between financial literacy and family health investment.Heterogeneity analysis was also carried out from the aspects of urban and rural areas,regions,age of the head of household and commercial insurance holdings.Studies have shown that the improvement of financial literacy level will increase the level of household health expenditure and the proportion of health care expenditure in total expenditure,thereby increasing family health investment.From the perspectives of endogeneity,explanatory variable setting,explanatory variable setting and sample replacement,the robustness test is carried out,which proves that the above conclusion is reliable.Through mechanism analysis,it is found that households with high levels of financial literacy are more likely to reduce risk aversion levels and are therefore more likely to increase family health investment.In addition,improved financial literacy level can also increase household income levels,which in turn increases family health investment.Through heterogeneity analysis,it is found that among urban families,families in the eastern region,middle-aged and elderly groups and non-commercial insurance group,the role of financial literacy in promoting the level of family health investment is more obvious.Based on this,the article suggests that the government should attach importance to financial education as an important part of national quality education.The government should actively guide residents to increase their income through multiple channels,establish a more perfect social security mechanism to alleviate the various risks they face,and help promote family health investment.Rural families and families in the central and western regions make less health investment,and the government should increase the construction of public medical and health infrastructure in rural areas and the central and western regions.And the government should guide young and middle-aged people to carry out health investment planning earlier and further increase financial education for the elderly to help them invest more rationally in health.