A Study On The Influence Of Population Aging On Household Asset Selection

Since the implementation of China's reform and opening up policy,the level of household income has been significantly improved,and the related household asset selection and financial market participation have aroused widespread concern among scholars.At present,the speed of population aging is accelerating,which affects family's asset selection.Different from the western concept of valuing individualism,traditional Chinese culture has always emphasized the important role of the family,so it is crucial to study the impact of the aging degree of the family on the demand of the capital market and the choice of assets.Firstly,the thesis combs the research literature of population aging and family asset selection in detail.Secondly,the theory of population aging and family assets selection is expounded comprehensively,the mechanism of population aging affecting family assets selection is clarified.Then it analyzes the basic situation,characteristics and causes of China's population aging and household asset allocation from a macro perspective.Finally,using micro data of CFPS,by means of Logit model and Tobit model,we empirically analyses how the population ageing influences household asset allocation situation.We further compare the influence between urban and rural areas,also we have a robustness analysis at the end of the empirical research.The findings are as follows:firstly,the population aging has a significant negative impact on the choice of risky assets,and a significant positive impact on the choice of real estate and bank deposits.Specifically,the higher the ratio of elderly population or the older the head of household,the lower the proportion of family participation and allocation in the risk capital market,the greater the degree of participation and investment in real estate and bank savings.Secondly,the impact varies greatly between urban and rural areas.In the urban areas,population aging has a positive impact on the holding of real estate and risk financial assets,this due to old people have a wealth accumulation,time and resources to conduct financial activities.But in the rural,economy is relatively backward,population aging adds the family burden,population aging has a negative impact on selection of risk assets.The research of this paper is helpful to deeply investigate the differences in the behavior of family assets selection under different aging backgrounds,which is conducive to the targeted response of government departments,financial institutions and families to the aging population and its impact on family assets selection,so as to promote the optimal allocation of family assets.