| In recent years,with the rapid development of China’s economy,families’ living standards have improved and disposable income has increased,and families are paying more attention to investing in financial markets.Therefore,more and more scholars are interested in the study of family finance.The seventh census data shows that the aging problem of our country is not overlooked,and the characteristics of the aging population has been highlighted.Based on the above background,it is more meaningful for this paper to study the influencing factors of the financial portfolio choice of the elderly family.Campbell(2006)mentioned in his article that the study of family finance is different from corporate finance and is an important direction of financial research,and the study of issues related to family finance is of great significance.This paper analyzes problems in the families of the elderly and puts forward relevant suggestions to help the elderly understand the importance of family finance from their own perspective and help financial institutions understand the thinking of the elderly when they participate in the selection of financial markets,so as to actively launch products suitable for the elderly and help the government actively cope with the problem of population aging.In this paper,we focus on three influencing factors closely related to the lives of the elderly in the existing domestic and foreign research,including wealth accumulation,financial literacy and social security.This paper re-examines life cycle theory,asset portfolio theory,behavioral asset portfolio theory and liquidity preference theory,and puts forward three hypotheses.Taking the 2019 CHFS as a sample,the impact of wealth accumulation,financial literacy and social security on the financial portfolio of elderly households was explored with the help of OLS model and intermediary model,and the hypothesis was tested.Finally,the robustness test of the empirical results in this paper was carried out,and an intermediate variable was found for further research.The research found in this paper shows that the number of risk financial asset portfolio allocation of the elderly in China is still at a low level,and the maximum number of risky financial assets is three.The three influencing factors studied in this paper have a significant impact on the financial asset portfolios of elderly households.Among the control variables,education level is significantly positively correlated with the number of risky financial assets invested by the elderly.The higher the education level,the higher the understanding of financial assets,the more inclined to invest in more types of risky financial assets.In terms of the gender of the elderly,men are lower than women regardless of the influence of which factor affects the number of financial venture capitals.Based on the research conclusions,this paper puts forward the following suggestions:to improve the financial literacy of the elderly,it is suggested that communities often carry out financial knowledge education for the elderly,establish schools for the elderly to set up financial classes,so that the elderly can gradually understand the financial market and cultivate their good financial habits.We will innovate financial products and improve risk assessment mechanisms.A variety of low-risk and low-risk portfolios as well as low-risk and high-risk portfolios of financial products should be innovated to ensure that the elderly with wealth accumulation at the same level have more choices when investing in the financial market.While improving the regulation of the financial market,the government proposes to increase investment in financial infrastructure construction.Our social security should be improved based on the unique characteristics of the elderly.We will pay special attention to welfare payments for the elderly and improve old-age care,medical care and other security measures. |
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