The Impact That Family Age Structure Has On Household Financial Asset Structure

Nowadays the scholars mainly focus on family income and the head of householder’s personal properties such as age, professional, gender, education, etc, in regard of the structure of household financial assets. Merely studies involve in the age structure of family. And basically age structure of population is a topic from the perspective of macro scale and was hardly researched on a micro household level. This dissertation is based on the existed studies, investigating the impact that family age structure has on household financial asset structure theoretically and empirically.In theoretic analysis, this dissertation illustrates that the family age structure affect household financial asset structure by the terms of the wealth accumulation and risk attitude on the basis of Behavioral Portfolio Theory. According to the Life-cycle Assets Choice Theories, this dissertation also refers that the family age structure impact the household financial asset structure through investment selection and marginal propensity to consume. Further, this dissertation analyzes from a macro economic environment, and the in turns influence the household financial asset structure.When it comes to empirical analysis, questionnaires survey was conducted to obtain a sample of the general situation of household financial asset structure in Anyang City. And according to the investigation record, three conclusions were drawn as followings:Primarily, through the classified statistics on survey records, it is noticed that the saving deposits takes an irrationally high percentage in household financial assets and financial investments are not well-diversified. These results suggest that the structure of household financial assets is remained to be improved. Secondly, principal components analysis was employed to draw wealth accumulation factor, investment information factor, risk attitude factor, as well as age structure factor, and variance contribution of the factor was calculated to evaluate the to what degree family age structure affects household financial asset structure. This analysis reveals that family age structures factor has a significant influence, ranking top 2 among all the factors. Finally financial assets are classified as safe financial assets, such as saving deposits, and risky financial assets, such as stocks, and analyzed in the sample from Anyang City, Henan Province. It turns out that family old-age dependency rate is negatively related to the ratio of saving deposits in household financial assets while is positively related to the ratio of stock in household financial assets. And child dependency ratio shows an opposite relation to these two kinds of assets. Generalizing this result, it is reasonable to believe that the ratio of child dependency ratio is positively related to safe financial assets while negatively related to risky financial assets.In final, comprehensively considering the feature of household financial assets, as well as our economic environment, finance development, and the family structure at current stage, several suggestions were proposed to respectively to residential households, financial institutions, and government sectors. For the residential households, residence should enhance financial investment awareness, improve the financial investment skill, reduce the ratio of saving deposits, and optimize the structure of household financial assets. Next for the financial institutions, financial products and surveys targeting at elder people should be promoted. Finally for the government sector, they should push forward the revolution of medical security system, solve the fear and consideration of people, and furthermore, encourage financial innovation, enhance the financial regulation, and motivate the development of our financial market.