Aging Effects Chinese Household’s Option Of Financial Portfolio

As early as in2000China has entered the aging stage, the ageing of the population in China is huge, rapid development of aging is bound to affect the household financial assets selection.In this paper, through the analysis of household financial asset allocation theory:the early consumption savings theory, family consumption and saving behavior, the uncertain of family consumption and saving behavior,aging effect on saving; asset portfolio theory, portfolio selection theory, the capital asset pricing model, life cycle theory of portfolio selection models, the life cycle affect the consumption income, summarizes the the completely rational theory of portfolio selection, including wages, incomplete market, demographic characteristics, and real estate prices influence the choice of financial assets.This is also the current domestic and international research direction of financial assets. Then through the description of the life insurance and pension demand model, summarize the effects of aging on financial structure.This paper respectively analyzes the status of aging in America, Germany, Japan, and the changes in the choice of household financial assets, the different development status of pension. Then summarized the aging and the household financial asset portfolio allocation behavior of OECD countries, summed up the important position of national influence of aging on the household assets selection behavior and pension insurance in the family financial assets, thus provides the realistic background for the theory research in china.This paper analyses the present situation and development of aging in China,the amount and structure of household financial assets and, through the domestic life insurance and pension market analysis, and puts forward some suggestions on the development of pension.Analysis of the influence of aging on the household financial assets, according to the model theory, analyzed the effects of aging on the Chinese household financial assets, insurance, as well as the relationship between happiness and family financial assets, find out the influencing factors of aging and household financial assets. The study found:aging has a significant impact on the household financial assets selection, but the effect of insurance is low, insurance on the stability of family financial assets choice have the whole utility. Happiness has no significant relationship with the aging of the population, but has significant relationship with the insurance proportion.Under the background of aging population, China needs to further improve the multi pillar pension system, promote pension and life insurance;improve the level of capital market; speed up the development of financial products for the elderly, expand investment channels; perfect financial supervisionsystem.