| Since thefounding of People's Republic of China in 1949,Chinese society has undergone tremendous changes in less than 70 years.An average of major social changes that take place every 10 years have divided the Chinese people into different generations.Each generation has a certain tendency of thinking and acting.At different stages in the timeline,there is a clear difference in terms of ideology and behavior.According to the report of Chinese Family Finance Survey of Southwestern University of Finance and Economics,the participation rate of Chinese family financial market is still relatively low.An important reason for this status quo is the lack of financial literacy among residents.The lack of financial literacy will constrain the enthusiasm of residents to participate in financial markets and affect the rationality of family financial assets allocation.Based on the above-mentionedsocialandhistorical background,this paper attempts to study the following three questions:First,how are the financial literacy of our residents and the status of household financial asset allocation among different generational groups?Second,will the financial literacy of residents affect the allocation of their financial assets to households?Third,is there any difference between the financial literacy of different intergenerational groups on the allocation of family financial assets?Inorder to solve the above problems,this paper,after summarizing the existing research and combining with the theoretical foundation,uses the questionnaire form to collect the data about the status of financial literacy and family financial assets allocation in our country.By means of the combination of statistical analysis and comparative analysis,the status of financial literacy and family financial assets allocation in different generations is analyzed.Using Stata software to establish a financial measurement model to empirically study the impact of financial literacy on the allocation of household financial assets and the regulatory role of"generation" in this impact.The results show that there are intergenerational differences in the level of financial literacy among residents in China.There is a significant gap between the financial literacy of the "Generation of the Cultural Revolution" and the three generations of the "baby boomer","X-generation" and "Y-generation".Second,residents' financial literacy has a positive impact on their financial market participation rate and the depth of financial market participation.As the level of financial literacy increases,the ratio of risk asset investment and risk assets of households will increase.Third,the influence of financial literacy among different intergenerational groups on the allocation of family financial assets is different.In the three generations of the "Generation of Cultural Revolution","baby boomers" and"Generation X",there were significant differences in the impact of financial literacy on the proportion of household risk assets.Finally,based on the research results,this paper provides some suggestions respectively from the perspectives of our government,financial institutions and residents.In terms of government,it is necessary to broaden financial education channels,popularize financial knowledge and raise the level of financial literacy among residents in our country.At the same time,we should strengthen financial supervision and optimize the environment for financial investment.In terms of financial institutions,we should provide differentiated financial products and services based on the status quo of residents' financial literacy and family financial assets allocation in our country and on the basis of intergenerational differences.In terms of residents,we should take the initiative to study financial knowledge,improve financial literacy,actively participate in financial markets and carefully invest in finance. |
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