Research On The Influence Of Endowment Insurance Level On The Allocation Of Family Financial Assets In China

As the most important part of the social security system,old-age insurance plays an important role in people’s livelihood security and economic regulation.The old-age insurance system not only brings security to the old-age life of residents,but also the huge old-age insurance fund affects the economic and social development,which may have a key impact on the allocation of household financial assets.In recent years,the household financial market has become more and more perfect in China.In the process of allocating household internal assets,Chinese residents have focused more on financial products,such as savings,stocks,funds,etc.,but there are also many problems in their investment structure.Through theoretical analysis,this paper understands that social endowment insurance can have a certain degree of impact on the allocation of residents’ financial assets from many aspects.Therefore,through the analysis of chfs’ research data on China’s household basic financial assets management and social security system in 2017,this paper comprehensively studies the participation in the social basic endowment insurance system by using probit model and OLS model,The impact on the asset allocation of Chinese households in the market.At the same time,the PSM propensity score matching method is used to test the robustness of the above model.The empirical results show that,firstly,participating in social basic endowment insurance will significantly increase the willingness of households to invest in risky financial assets and the proportion of risky assets in total household assets;Second,regional factors have a significant impact.Compared with the central and western regions,households in the eastern region are more likely to invest in risky financial assets;Third,this effect is also significant in age group regression;Fourth,the results of robustness test also further prove the above conclusions.Therefore,according to the research conclusions,this paper puts forward corresponding policy recommendations.First of all,China should take relevant measures to improve the social endowment insurance system as soon as possible to ensure the basic pension level of residents;Secondly,guide residents to allocate financial assets reasonably and establish response supporting systems to help Chinese residents allocate family financial assets more reasonably.In this way,we can optimize the allocation structure of financial assets within Chinese households and promote the development of social economy.