The Impact Of Pension Insurance And Family Children On The Allocation Of Family Financial Assets

With the advancement of the financial industry and the improvement of relevant laws in China,the awareness of domestic financial assets investment of domestic residents is gradually increasing and constantly try to avoid the risk of purchasing power reduction by combining certain risk financial assets with risk-free financial assets.The concept of family finance was proposed by Campbell in 2006.Family finance mainly studies how families to increase family wealth by distribute of finance assets.The problem of family finance is that different families have different characteristics,it will be further Affecting the family's choice of financial assets.Among them,endowment insurance is a social security mechanism that is constantly improving,it has received extensive attention from the government and academia in recent years.Consumers can compensate for the lack of income after retirement by holding pension insurance,which affects the allocation of existing family financial assets.While pension insurance as a “social pension” affects the allocation of household financial assets,children also play an important role as a key background factor for “family pension”.The most effective old-age security measures are raising children and raising their children's lives through economic and life support in traditional societies.Nowadays,on the one hand,with the opening of the comprehensive second-child policy,families can raise more children to get better protection for retirement life.on the other hand,due to changes in family culture and changes in family structure,The concept of raising children to prevent old age is gradually changing.Therefore,it is more meaningful to study the impact of pension insurance and family children on the allocation of family financial assets.Based on the previous theoretical research,firstly this paper collects and organizes the existing related literature.secondly summary and analyze the relevant literature.Thirdly sort out the theories which related to the factors affecting family financial assets.Next,through the integration of the theory to explores the impact mechanism of the allocation of family financial assets.In the empirical part,establish Probit and Tobit models by refer to previous research,and make regression analysis on pension insurance,family children's participation rate of family risk financial assets and participation ratio.Then select other sample pension insurance participation rate in the group as a tool variable to solve endogenous problems.This study found that the participation of social pension insurance can increase the family's risk financial market participation enthusiasm and increase the proportion of investment.Consumers transfer some of their current labor income to retirement after holding pension insurance,so as to compensate for the changes in consumption levels brought about by the lack of future labor income after retirement and reduce the uncertainty of household income fluctuations in the future.So that consumers dare to participate in venture financial assets investment.In addition,children will also promote family investment in risky financial assets.The existence of children will also have a protective effect on the elderly life after retirement.At the same time,due to altruism and genetic motives,parents and elders will wants to give children a better environment for growth.In order to encourage families to participate in venture financial assets investment in order to obtain higher returns.However,considering the impact of the relationship between pension insurance and family children,the protection provided by the endowment insurance for the elderly after retirement is risk-free,so the children of the family will lead to the endowment insurance.The promotion of family risk financial asset investment has crowding out effect.In the family with pension insurance,the increase in the number of children will inhibit the investment of family risk financial assets.At the same time,there are large differences in the old-age insurance system and the concept of children based on urban and rural areas.Therefore,this paper discusses the differences in the impact of old-age insurance and children on the allocation of family financial assets in urban and rural areas.It was found that there was no significant impact on rural pension insurance and the participation of children in family risk financial assets and investment ratio.The innovation of this paper lies in the fact that in the traditional concept of the country,there is always the concept of raising children and preventing old age.Children and endowment insurance are important components of retirement protection for the elderly.In many cases,children will play a greater role in the retirement protection of the elderly.The existing research often ignores the significant influence factors of child support when analyzing the allocation of pension insurance to family financial assets.This paper explores the impact of the key factors of child support while exploring the allocation of pension insurance to family financial assets.At the same time,it explores the possible crowding out of the number of children in the allocation of family financial assets.