The Effect Of Aging On The Efficiency Of Financial Assets Allocation Of Residents' Families

Globally,there are three main sources of economic support for the elderly: children,public pensions and property income.The low fertility rate makes it more and more difficult for children to provide for the aged.The aging population makes the public pension system confronted with difficulties.In the future,property income will become an important economic source for the elderly.The income level of family financial assets will determine whether the elderly have enough financial support in the future,and their allocation efficiency will also determine the future security of old-age care.This paper uses the data of the 2013 National Family Financial Assets Survey and the Oligit Model to empirically test the influence of residents' age on their investment risk preference.The results show that with the increase of residents' age,their investment risk preference shows a gradual downward trend,that is,the older the residents are,the more conservative the investment is.Using Tobit model and intermediary effect model,this paper empirically analyzed the impact of household age on the efficiency of household financial asset allocation in China,and the intermediary role of investment risk preference in the impact of age on household financial asset allocation efficiency.It is found that the efficiency of household financial asset allocation varies with the age of the head of household.This effect is not simply linear or inverted U-shaped,but has a bimodal relationship with two vertices.Investment risk preference has a partial intermediary effect in the effect of age on asset allocation efficiency,and the intermediary effect of investment risk preference will gradually increase with the increase of household head age.With the aging of the population,the age of household heads tends to increase.The purpose of this paper is to explore the impact of the age of the head of household on the efficiency of household asset allocation,to put forward reasonable suggestions for optimizing household asset allocation,and to increase security for the future pension.