The Influence Of Population Structure On Household Financial Asset Allocation

In recent years,with the improvement of the income level of households in our country and the continuous development of the financial market,the choice of household assets and the degree of participation in the financial market have also attracted widespread attention from scholars.As one of the important sectors of the national economy,the impact on the entire society and the nationa l economy of family cannot be ignored.From the implementation of the family planning policy in the early 1970 s and the implementation of the full liberalization of the two-child policy in 2016,the demographic structure of our country has changed considerably during this period.Problems such as population aging and urban-rural structural imbalance have appeared in our country.At the same time,the changes of family structure have had a significant impact on our country’s economic development and residents’ lifestyles.In view of the impact of population structure on household financial asset allocation,this article first sorts out the existing literature,and uses C hina Household Finance Survey（CHFS）data to make a simple statistical analysis of the current household population structure and financial asset allocation status in C hina.Analyze the impact mechanism of population structure on household financial asset allocation based on relevant theories and put forward research hypotheses,verify the above research hypotheses through empirical analysis methods,select family population structure as explanatory variables,and use multiple regression models,Probit models,and Tobit models to study on the impact of population structure on the scale of financ ial asset allocation,the probability and proportion of participation in risky financial markets,the SEM model is further used to conduct empirical analysis on the logical relationships and internal mechanisms between the relevant variables that affect household financial asset allocation.The results show that the larger the family size,the smaller the scale of probability and proportion of participating in the risk market;the family with only a young population is less likely to participate in the risk market;only elderly families are more likely to participate in the risk market;Families with the elderly and adolescents prove that the support effect of the elderly exists;and there are regional differences.Towns and eastern regions with better econo mic development are more likely to participate in risky financial markets than rural and central and western regions.Through empirical research,it is found that the substitution effect,wealth effect and real estate wealth effect of Chinese households in the allocation of household financial assets all exist to a certain extent.Finally,combining the conclusions drawn from the empirical analysis of this article and the current economic and social conditions of our country,the following targeted suggestions were made: increase preferential policies for childbirth and optimize the population structure;change the concept of population and encourage young people to get married;improve the social security system;improve the financial environment in rural a reas and the central and western regions;and innovate financial products.