The Impact Of Digital Finance On The Allocation Of Financial Assets Of Chinese Households

As China has entered a deeply aging society,the demand for families to provide for the elderly through diversified financial investment is also growing.People are no longer limited to the return of low savings rate of banks,but more focused on diversified financial service products,so as to realize the growth of their asset income.This paper uses CHFS survey data in 2017 to explore the impact of digital finance on household financial asset allocation in China by establishing probit and Logit models.Different from previous studies,this paper analyzes the heterogeneity of different income disparities,education level disparities and urban-rural disparities,explores the role of digital finance in household financial asset allocation,and provides relevant suggestions and measures for later research on household financial asset allocation serving the aging society.The empirical results of this paper are as follows:First,under the influence of digital finance,household financial asset allocation behavior has been significantly improved,the supply efficiency of household finance has become higher and higher,the scope is relatively large,and the real transaction cost has been controlled;These are inseparable from the positive role of digital finance in promoting household asset allocation activities.Second,from the perspective of income difference,the development of digital finance has significantly improved the financial asset allocation of high-income households,and has a positive regulatory role;From the perspective of differences in education level,digital finance has significantly improved the allocation of financial assets of families with high education level.In the case of some subjects with less ideal educational background,the role of family financial asset allocation is relatively limited.Third,when analyzing the differences between urban and rural areas,digital finance improves the participation of urban groups in the allocation of family financial assets,which is difficult to ensure the scientific allocation of financial assets for the elderly in rural areas,and the financial level is not ideal.In order to solve the above problems,the main countermeasures proposed in this paper include:first,accelerating the integration of traditional financial institutions and digital finance;Second,accelerate the construction of personal credit system and promote the effective expansion of credit work;The third is to find ways to promote the improvement of residents’ financial literacy and actively avoid all kinds of exclusion behaviors and psychology.Fourth,gradually improve infrastructure in areas with relatively backward economic development,and remove obstacles for digital finance.