Research On The Influence Of Educational Level Of The Head Of Household On The Selection Of Family Financial Assets

In the field of financial asset allocation research,the choice of financial assets is a new research direction that is more favored by relevant scholars all over the world.In the recent years,based on people's common pursuit of wealth maximization,many financial products have emerged.According to different needs,This has enabled different families to participate in the selection of financial assets,which has led to significant changes in disposable income,spending power,saving capacity,and debt repayment ability in the family.However,due to the uneven financial literacy of residents and the information asymmetry in the understanding of financial products,problems such as risk aversion are caused.Therefore,this paper starts from the perspective of human capital,and studies the influence of the education level of the head of household on the choice of family financial assets.The purpose is to enable residents to raise their awareness of education and financial knowledge,so as to raise their income level,alleviate risk aversion,increase social wealth and activate more financial activities.Firstly,This paper expounds the theory of human capital,behavioral finance,and portfolio theory,and constructs the mechanism of the educational level on the selection of financial assets.Secondly,using the 2013 CHFS data,The Descriptive analysis how the selection of financial assets affected by education level.It combined with theoretical analysis,puts forward the hypothesis of this paper.The Probit and Tobit models are used to empirically analyze the impact of education level on financial choice.Financial choices are considered from five perspectives.Next,heterogeneity analysis,mediation effect analysis and adjustment effect analysis were carried out to study the influence of education level on financial asset selection under the gender difference of household head;the influence of education level on financial asset selection under income as intermediary variable;risk Attitude is used as a moderator to influence the level of education on the choice of financial assets;and a test of robustness is conducted.Finally,targeted and operational policy recommendations were made.The results show that:(1)the level of education has a significant positive impact on the choice of family financial assets.(2)There is a significant gender difference in the choice of financial assets affected by the level of education.(3)Household income is a mediator variable,and the level of education further increases the choice of financial assets by increasing household income.(4)Risk attitude is a regulatory variable,and the level of education can inhibit the impact of risk aversion on financial asset selection.The main contributions of this paper are as follows:(1)Investigating the impact of the level of education on the choice of financial assets,and discussing the extent of the impact of the level of education on the choice of financial assets and the impact mechanism from the three aspects of gender,income and risk attitude of the head of household.The study of financial assets provides a new perspective.(2)This article joins commercial insurance as part of the choice of household financial assets.The current active pension method is to purchase commercial insurance,which is also part of the choice of financial assets.