Research On The Influence Of Residents’ Health Status On Household Financial Asset Allocation

Under the background of the vision of building a healthy China proposed by the2035 vision,the income level of Chinese residents has been continuously improved,the health status has gradually improved,and the willingness of households to participate in the financial market to achieve wealth preservation and appreciation has also become stronger.However,the problem of "limited participation" in the household financial market has always been a long-term problem in the allocation of household financial assets in my country.As an important part of household micro-characteristics,there is a close relationship between residents’ health and household financial asset allocation.Therefore,exploring the impact of residents’ health status on household financial asset allocation is not only conducive to providing a new perspective for solving the problem of "limited participation",but also consistent with the goal of achieving a healthy China.On the basis of sorting out and summarizing the existing domestic and foreign related literature,this paper defines the concepts of financial assets and health status in detail,summarizes the relevant theories,and clarifies the research scope and research objectives.Then,based on the CHFS2019 survey data,the health status of Chinese residents and the current status of household financial asset allocation are introduced and discussed.In the empirical analysis,this paper takes "health self-evaluation" and "health expenditure" as the core explanatory variables of residents’ health status,and uses the Probit and Tobit models to explore the impact of residents’ health status on household financial allocation,and finds that health self-assessment affects household participation.Financial markets have a significant facilitative role,while health spending inhibits household participation in financial markets.After dividing the sample into urban and rural subsamples and regional subsamples for regression,health status will have a heterogeneous impact on the financial asset allocation of different households.Further mechanism research shows that the health status of residents can increase the family’s willingness to participate in the financial market by improving the family’s net income level,changing the investment risk attitude,and improving the family’s subjective well-being.Finally,according to the conclusions obtained from the analysis,relevant policy recommendations are put forward in combination with the goal of rationally guiding households to participate in the financial market.