Research On The Impact Of Financial Literacy Of Urban Residents On Family Asset Allocation From The Perspective Of Risk Attitude

Nowadays,as the main body of microeconomics,the family's desire to participate in the financial market to realize the value-added and maintenance of family wealth is becoming stronger and stronger.Compared with the more mature financial asset behavior in developed countries,the allocation of financial assets and the risk ratio of investment and financial portfolio in China are unreasonable,and there is still a huge room for improvement.The unreasonable allocation of financial assets will affect the real economy,consumption and the well-being of residents.However,the research on family finance in China is still in its infancy.There are few researches on the allocation of family financial assets,which belong to a relatively new topic,and the research results in Xinjiang are even less.Therefore,this study deeply analyzes the impact of Xinjiang urban residents' financial literacy on family asset allocation from the perspective of risk attitude.On the basis of relevant theories and literature research,first of all,the survey design and implementation,and descriptive analysis.The results show that the overall comprehensive financial literacy of urban residents in Xinjiang is at a low level,and the financial awareness of urban residents in the subjective financial literacy is relatively high,but the financial attitude,financial attention and financial application ability are at a low level;in terms of objective financial literacy,urban residents have a good grasp of basic credit knowledge,and the worst understanding of inflation.There are regional and individual differences in financial literacy.Generally speaking,the financial literacy of urban residents in Northern Xinjiang is generally higher than that of urban residents in southern Xinjiang.Based on the function mechanism of each dimension of subjective financial literacy,the structural equation model is established.The results show that financial awareness plays a strong role in promoting each dimension of subjective financial literacy,reflecting the leading role of financial awareness.At the same time,financial attention and financial attitude have a small positive effect on financial application ability.The survey of risk attitude of urban residents in Xinjiang found that the residents with risk aversion attitude accounted for the most,followed by the risk neutral type,and the risk preference type accounted for the least.In terms of family asset allocation,the total scale of family assets of urban residents in Northern Xinjiang is higher than that of urban residents in southern Xinjiang.The diversity of family asset allocation and risk financial asset allocation of urban residents in Xinjiang is relatively low,and the diversity of family asset portfolio of urban residents in Northern Xinjiang is stronger than that of urban residents in southern Xinjiang,especially in risk financial assets.From the analysis of specific household assets,the participation rate of Xinjiang urban residents in non-financial assets is the highest in real estate and vehicles,followed by other non-financial assets such as gold and silver jewelry;in the participation rate of financial assets,bank deposits are still the basic investment choice of the majority of urban households,while the participation rate of loans is also high,but for other riskier stocks The participation rate and allocation depth of tickets,bonds and financial derivatives are still the lowest.In terms of the depth of asset allocation of urban residents,in the asset structure of urban residents in Xinjiang,the allocation proportion of safety assets such as bank deposits and realestate in the whole family asset investment still occupies an absolute dominant position.On the basis of descriptive analysis of the survey results,this paper uses 2SLS,OLS,IV probit and IV trobit models respectively to empirically study the impact of financial literacy level of Xinjiang urban residents with three different risk attitudes on household asset allocation scale,asset allocation diversity,participation probability of various types of assets and asset allocation depth.The results show that:(1)the financial literacy of urban residents with three kinds of risk attitude has significant positive impact on the total assets scale,financial assets scale and risk financial assets scale,but the effect intensity is different.(2)Among the residents with risk neutral attitude and risk preference attitude,the improvement of comprehensive financial literacy can significantly increase the allocation types of their family total assets,financial assets and risk financial assets,while the residents with risk aversion attitude can only significantly increase the number of family total assets,which does not promote the types of financial assets and risk financial assets Remarkable.(3)With the improvement of financial literacy,residents with risk aversion attitude significantly increase the participation probability of vehicles,loans and financial products,and significantly reduce the participation probability of funds.With the improvement of the comprehensive financial literacy of urban residents with a risk neutral attitude,it has a positive role in promoting the participation probability of non-financial assets such as real estate,vehicles and financial assets such as bank deposits,loans,funds and financial products,and has a negative role in inhibiting the participation probability of bond assets.With the improvement of financial literacy,investors with risk preference have a significant positive impact on the participation probability of family real estate,bank deposits,loans,stocks,funds and financial products,and a negative impact on the participation probability of vehicles.On the whole,with the residents' stronger preference for risk,the improvement of residents' financial literacy level has a more significant positive impact on the probability of participation of family risk financial assets.(4)The improvement of comprehensive financial literacy of residents with risk aversion attitude significantly increases the depth of allocation of household real estate,vehicles,bank deposits and loans,which has a negative effect on the depth of allocation of family funds,financial products and bonds.The improvement of financial literacy level of residents with risk neutral attitude has a positive role in promoting the allocation depth of family vehicles,bank deposits,loans,stocks and financial products,and has a restraining effect on the allocation depth of real estate,funds and bonds.With the improvement of their financial literacy,residents with risk preference attitude have a significant positive effect on the increase of the allocation proportion of real estate,loans,stocks,funds,financial products and bonds in family non-financial assets,while they have a positive effect on the vehicles in non-financial assets and bank deposits in low-risk financial assets There was a significant negative inhibitory effect on the allocation ratio of.On the whole,with the increase of risk preference of urban residents,the improvement of residents' financial literacy level has a more significant positive impact on the depth of allocation of family risk financial assets.Finally,the robustness of the model is tested from two aspects: replacing the core explanatory variables and solving the endogenous problems,and the test results show that the model is stable.To sum up,combined with the research results and empirical analysis,the paper puts forward targeted suggestions from the government departments,financial institutions and households.On the one hand,the government should establish an effective financial education system,strengthen financial education,improve the financial literacy level of residents in various ways,optimize the regulatory and financial investment environment,improve information transparency,and protect family investors.Financial institutions need to strengthen the popularization of financial management knowledge,improve residents' risk identification ability,guide residents' families to make reasonable investment,and at the same time,accelerate financial innovation and develop targeted financial products and services.For urban households,we should improve their subjective initiative,improve their financial literacy through multiple channels and all-round ways,establish the awareness of risk management,rationally select financial products,reasonably distribute family assets,and maintain and increase wealth.