The Influence Of Financial Cognition On Financial Asset Allocation Of Middle-aged And Elderly Families

Since the reform and opening up,with the continuous development of the economy and the improvement of people's income level,households have accumulated more and more financial assets.The growing number of investors and the size of the financial institutions have increased the competitiveness of the financial innovation products.At the same time,the economic development is also accompanied by the social transformation.China has become the country with the largest number of elderly population in the world,and the proportion of the elderly population is nearly 18%.The aging trend of the population is inevitable.As a transitional period from resident families to elderly families,middle-aged families are at the peak of their family's economic status.Coupled with the tradition of high savings,they hold a large amount of social wealth together with elderly families.However,in the face of a variety of financial products,the financial asset allocation of middle-aged and elderly families is still dominated by traditional savings,a large number of family financial assets have not been effectively allocated,and the financial asset allocation approach and types are relatively single.Financial cognitive ability,as an important human capital,has a more direct and more important influence on the financial asset allocation of families than the education level of middle-aged and elderly families,which is hard to change.However,at present,domestic researches on the allocation of family financial assets tend to focus on the perspective of the whole household,and few researches focus on the middle-aged and elderly groups.Therefore,the research of this paper has certain theoretical value and practical significance.Firstly,this paper reviews the domestic and foreign literature on family financial asset allocation,and a lot of studies show that financial cognition does affect family financial asset allocation.Then it analyzes and discusses the current situation of financial asset allocation and financial cognitive ability of middle-aged and elderly families in China.With probit,tobit,then ols model impact on financial cognitive level for middle-aged and old family whether financial risk assets allocation,allocation proportion,analyzes the diversity of the configuration,using the results of grouping regression seems no relevant financial cognitive model validation for the marginal impact of family middle-aged and elderly family are consistent,propensity score matching method is used to verify financial cognitive and causal effect of family financial asset allocation.Finally,based on the analysis results of the financial asset allocation of middle-aged and elderly families based on the previous financial cognition level,corresponding suggestions are put forward from three aspects: the families themselves,financial institutions and the government.