The Influence Factors Of Chinese Household Portfolio Choice Research Via CHARLS Data

Over the last decade,with the booming economy of China and the development of Chinese people's living standards,household income and wealth of Chinese families have increased markedly.As a result,people hold stronger concepts and more requirements about household portfolio than before.On the other hand,as China is coming into an aging society,unlike other developed countries,China will grow old before it grows wealthy.At present,contributions and range of coverage of old-aged pensions can not meet requirements of elderly people in Chinese society.China has been experiencing more and more financial pressures in pensions,at the same time,it is difficult to improve public pensions in a short time.So that medical and healthy services are both inaccessible and expensive for Chinese elderly people.Under this background,distributing household income and wealth reasonably is a suitable and realistic way to guarantee elders' living quality in China,which needs great attention among Chinese families.This paper describes allocation of household portfolio in elderly families systematically and discovers the differences between data of elderly families and families for all ages via CHARLS questionnaires,which makes people have a deeper understanding of respective family status.Meanwhile,finding out the factors that affect choices of household portfolio through two-part model.The results showed that elderly urban residents over the age of 45 have lower income,get used to save money,purchase financial products hardly and take part in the stock market rarely.Income,age and education of Chinese elderly people over the age of 45 have a significant influence on over-45 s elders' possibilities of taking part in the stock market.Income and health affect household saving distinctly.Income,education levels and sex are closely connected with the percentage of savings.