Analysis Of Influencing Factors Of Financial Asset Allocation In Elderly Households

Since the reform and opening up,the number of the elderly population in China has been showing a trend of rapid increase.In 2000,the number of the elderly population(aged 60 and above)in China accounted for more than 10% of the total population,officially becoming an aging country.With the optimization of medical conditions and the release of the family planning policy,China's birth rate has been significantly reduced,the number of elderly people has been on the rise,and the expansion process has been accelerating.Due to their low risk tolerance and the high particularity of old-age security demand,the elderly prefer low-risk products in their investment preference and the allocation of family assets.Therefore,the arrival of aging not only changes the composition structure of Chinese family age,but also has a great impact on the development of the financial market,which must be fully paid attention to by the economic society.From the perspective of financial behavior,this paper,on the basis of referring to the existing literature and theories,combined with the data provided by the CHFS of swufe,selects various data of the elderly over 60 years old as the empirical data sample for the research content of this paper,and analyzes the financial behavior of the rapidly expanding elderly population.Through theoretical analysis,the research hypothesis is made,variables are selected,and mathematical statistics and value assignment are performed on them,and the Probit model and Tobit model are established for mathematical model analysis and verification.The results show that :(1)the overall education level of Chinese people over 60 years old is low,the individual's financial literacy ability is insufficient,and the degree of attention to economic and financial information is not high,so the family's participation in the financial market is not high,and the financial assets account for a relatively low proportion in the total asset allocation of the family.(2)the income level of people over 60 individuals most at lower levels,total household assets gap is bigger,total assets of the lower family overall risk to bear ability is lower,more willing to avoid risk,rather than the pursuit of money high returns,returns to the allocation of household assets,in the proportion of financial assets will be lower.(3)the sample size in our study,half of the old people choose to hold a pension,rather than investment in financial products,the development of the endowment insurance in our country,more and more attention,also gradually improve the social security policy,thus attract more old people choose to buy endowment insurance as a way of pension,such participation in financial markets will reduce.Research conclusion of this paper,on the analysis of existing in our country under the background of population aging and the trend of economic society and has certain reference significance for the development of financial markets: the existing commercial Banks,financial services,insurance companies,insurance for the elderly has great limitations,large old customers to create a lot of interest for commercial financial institutions,but the development of the industry it is hard to meet the demands of the elderly on the financial and pensions.Innovation elderly financial services of commercial Banks,development of the insurance company is more diversified,according to different different demand the product,the elderly can not only improve the economic benefit and promote the development of society and economy,also can effectively help improve social security level of an ageing population,reduce the pressure of family and social pension,is the necessary condition to promote the development of the whole society and the national.