Research On The Influence Of Unmarried Children On The Choice Of Family Financial Assets

At present,the income level of households continues to rise,and the financial market is changing rapidly.The state encourages households to actively optimize the allocation of financial assets to obtain asset appreciation benefits.According to life cycle theory and asset portfolio theory,households will reasonably allocate financial assets in different time periods and in combination with their own conditions.In fact,Chinese households are generally "limited participation".Since the allocation of family financial assets is affected by family characteristics and household head characteristics,the characteristics of unmarried children are a very important part of family characteristics;the situation of unmarried children affects the current economic decision-making and future planning of the family.In the context of the three-child policy,combined with the seventh census data,the number of unmarried children in families will increase.Under this premise,how to respond to the call of the state,guide families to actively participate in the financial market,rationally allocate assets,and achieve intertemporal optimization of family assets is particularly important.This paper selects the data of the China Household Finance Survey（CHFS）in 2017,and firstly studies the influence of the number and gender of unmarried children on the breadth and depth of household financial asset selection by establishing the Probit model and the Tobit model,respectively.Secondly,the robustness test is carried out by replacing the explained variables and estimating by age group.Then,the risk preference mechanism and the marriage payment mechanism are tested.After research,the following conclusions are drawn: the increase in the number of unmarried children in the family has an inhibitory effect on the family’s allocation of risky financial assets;when there are unmarried men in the family,it will inhibit the family’s participation in the risky financial market;the gender of unmarried children has an impact on the choice of family financial assets It has life cycle characteristics.Heterogeneity analysis shows that in the eastern and urban areas,the number and gender of unmarried children have significant effects on household participation in risky financial markets;while in the central,western and rural areas,the above effects are not significant.Based on this,this paper puts forward the following suggestions: From the government level,first,the government should improve the social security system to help families build a high wall to deal with risks;then the government should promulgate appropriate policies to guide the coordinated development of the three-child policy and the real estate market.Increase household participation in risky financial markets.From the perspective of financial institutions,financial institutions should not only innovate financial products,but also strengthen the publicity of financial products in the central,western and rural areas,and increase the participation of households in the central,western and rural areas in the risk financial market.From the perspective of resident families,we must first establish a scientific concept of marriage and reduce the pressure of marriage payment for families with unmarried children.Finally,households should strengthen the study of financial knowledge and improve their ability to deal with risks.