Research On The Influence Of Age On Family Risk Assets

With the steady development of our economy,families are more and more able to feel the “gain” of economic development,and the enthusiasm for participating in the risk market is gradually improving.but,There are still some problems such as the singularity and deep "limitedness" of risk asset structure in China's family risk asset allocation behavior.So,Studying the risk asset allocation behavior of our family will help to understand the mechanism of family risk investment and guide the family risk asset allocation behavior.This paper focuses on the impact of age on the allocation of household risk assets,Study whether there are life cycle effects in family risk asset allocation and structural differences and formation mechanisms of household risk asset allocation in different life cycle stages,which will guide the decision-making of household risk assets.This article through the combing of existing literature,Study factors that affect the allocation of household risk assets.In particular,the impact of age on family risk assets and the allocation of household risk assets at different ages,lay the foundation for the later empirical analysis.The article first analyzes the theoretical part of family risk asset allocation.Propose the types of household risk assets and the characteristics they have.Then apply life cycle theory to risk asset allocation behavior to study risk asset allocation behavior from breadth and depth.In the empirical analysis,we use 2014 China Family Tracking Survey Data,using Tobit Model to Study Structural Differences in Risk Asset Allocation.Finally,through empirical research,age has a significant impact on family risk asset allocation.As the age increases,The proportion of household-held risk assets is the first to rise and then fall.Family risk asset allocation has a life cycle effect.Simultaneous research shows,Other control variables such as education level and family size also have a certain impact on household risk asset allocation.And in the empirical part of this paper,we will study whether the influence of age on risk asset allocation will change with the change of health level by constructing the intersection of age and health,It is also the innovation of this article.The study found,the impact of health level on risk asset allocation is not significant under the life cycle effect.But it is an important path that affects the allocation of family financial assets.The article draws the following conclusions through empirical research.First,age has a significant impact on family participation in the risk market.And the square of the age is positive and the square is negative,explain that there is a significant life cycle effect in the family participation risk market;Second,by constructing the squared term of age,it is found that the impact of life cycle effect on risk asset allocation is more significant,and the square of age is positive and the square is negative,explain that under the effect of life cycle,the proportion of risk asset allocation will rise first and then fall.The third is to establish a cross-term study of age and health level.The impact of health status on family risk asset allocation is not significant under the life cycle effect,but it is an important path that affects the allocation of family financial assets.In response to the above conclusion This paper puts forward the following three suggestions: First,the government should recommend professional financial investment consulting agencies;Second,financial institutions provide matching risk assets based on their life cycle;Third,residents should conduct risk asset allocation from the perspective of life cycle.