The Empirical Research On Family Aging And Household Financial Assets Allocation

According to the National Bureau of Statistics,by the end of 2018,the number of elderly people aged 65 and over in China was about 167 million,accounting for 11.9%of the total population.China's aging index is 64.04%.The drawbacks of an aging society have been reflected in all aspects.First,the relative shortage of labor supply has a certain impact on economic development.Second,the increasing number of aging population increases the burden of old age in the social sector.Besides,aging also puts high demands on the improvement of old-age services and medical systems.At the same time,the Chinese economy under the "new normal" is developing at a medium and high speed,the scale of family investable assets continues to expand.However,the allocation of financial assets of most Chinese households is also based on deposit-type assets,with a small proportion of investment in risky assets and a lack of diversity in investment varieties.Combined with the extremely rigorous background of the aging population,it is thought that whether the burden of family pensions is increasing,so that households must adopt a more conservative approach to asset allocation to cope with the problems brought about by the aging of the family.After reviewing the relevant literature and theoretical basis of family financial asset allocation,the article analyzes the reasons why household aging may affect the allocation of family financial assets from the perspective of life cycle needs,income and wealth levels,and risk preferences of households.This paper uses the Chinese household tracking data from 2012 to 2016 to analyze the current status of household aging and household financial asset allocation.And this paper uses CFPS(2016)family micro data,using Probit and Tobit models to empirically analyze the relationship between family aging and family financial asset allocation.After examining the impact of aging on the participation of households in the risky asset market in various aspects,the corresponding recommendations are given based on the status quo and empirical analysis.The results show that the increase in the proportion of the elderly population will negatively affect the possibility of families participating in the risk asset market,and will also reduce the proportion of households holding risk assets.The article suggests that residents and families should diversify their financial assets with the help of the Internet platform.Financial institutions need to continuously strengthen cross-border integration of the industrial chain,increase financial product innovation,and guide the investment ideas of households to a more rational and healthy direction.The government should constantly improve China's capital market,steadily push forward the reform of the social security system,and strive to narrow the urban-rural gap and regional differences.