A Study On The Impact Of Household Aging On The Allocation Of Household Risky Financial Assets

Household financial asset allocation has always been the focus of the financial field.The total amount of household financial asset allocation in China is increasing year by year and the types of household financial asset allocation are increasingly diversified,but the household financial asset allocation will be affected by many aspects.At the same time,China has entered the overall aging stage,the aging phenomenon reflects to the family level,that is,family aging.Therefore,it is of great significance to study the impact of family aging on the allocation of family financial assets,especially the allocation of family risky financial assets.This paper analyzes the current situation,characteristics and causes of population aging and household financial asset allocation in China at the macro level.At the micro level,Probit and Tobit models are used to study the impact of household aging on the allocation of risky financial assets.As the household head in China household Financial Survey is based on the economic decision-maker in the household,the measurement index of family aging in this paper is whether the household head(economic decision-maker)is 60 years old or above and the proportion of the elderly population in the family.The measurement index of household risk financial asset allocation is the probability and proportion of household participation in risk financial asset investment.The results show that the probability and proportion of the elderly households whose head(economic decision maker)is over 60 years old to participate in the investment of risky financial assets have decreased.As the proportion of elderly people in households increases,the probability and proportion of investment in risky financial assets will decrease.The research of this paper enriches the research results of family aging and household financial asset allocation.At the same time,the suggestions are helpful for government departments,financial institutions and families to deal with aging and its impact on household financial asset allocation,so as to promote the further improvement and development of financial market.