Population Aging And The Choice Of Financial Asset Allocation For Urban And Rural Households

Population aging is accelerating,and the aging crisis is highlighted.Only the government pension is far from enough,as the main unit of pension-residents must make a reasonable allocation of financial assets to cope with the aging of the population problems.In addition,urban and rural residents held a significant difference in financial assets.So,this paper uses China's household survey data of CFPS2010,CFPS2012 and CFPS2014,using multiple discrete choice model to analyze the effects of population aging on urban and rural household financial asset allocation choice.Through macro and micro empirical analysis,we can draw the following conclusions.First,urban and rural residents' financial assets of a single-family structure,and there are differences between urban and rural financial assets.Second,the aging of the population has an impact on the allocation of financial assets of urban and rural residents,and there is also a difference in the allocation of financial assets between urban and rural areas.1.For stocks,whether it is the total sample of families,city family or rural family,stock holding and distribution degree and age showed "bell"characteristics,has a life cycle,but the impact on the rural family is not significant;2.For government bonds,households holding government bonds did not significantly reflect the "life cycle",but whether it is the total sample of residents family,city family or rural family,the higher the degree of aging,the greater the possibility of government bond holdings;3.For the fund,the fund holding and allocation has a certain life cycle effect characteristics,but this is mainly manifested in the urban family and the total sample of the family;For rural families,the age of the residents of the family holding fund is not significant influences;4.For financial derivatives,the holding and allocation of financial derivatives does not significantly reflect the"life cycle" of the characteristics,but for the total sample of households,the higher the degree of aging of the financial derivatives held the possibility of the more Large,and for urban families,just the opposite.Therefore,for the aging of the increasingly serious problem,1.To improve China's capital market construction,broaden the investment channels;2.To develop and innovate the aging population of financial products;3.To speed up the development of the aging industry;4.To enhance the family risk investment awareness,and carry out education and training investment;5.To integrate urban and rural areas resources,so that the problem of urban and rural aging to be better resolved.