A Study On The Impact Of Family Demographics On Financial Exclusion

Affected by the family planning policy and the changes in residents’ thinking and concepts,my country’s natural population growth rate has continued to decline,the population structure has changed,and the problem of declining birthrate and aging has become prominent.At present,my country is facing tremendous downward pressure on the economy.In this case,studying the factors that cause household financial exclusion can better stimulate economic growth.Therefore,on the basis of previous scholars’ research,this article uses the 2017 Chinese Household Finance Survey data,combined with the current situation in my country,and uses the population structure as a research perspective to conduct an empirical analysis using micro data to study whether household financial exclusion is affected by the household population structure.This article uses whether households participate in the financial market as an explanatory variable to study the current situation of household financial exclusion in my country,subdivided into household financing financial exclusion and investment financial exclusion to study the participation of households in specific types of financial markets.Take the proportion of children in the family and the proportion of the elderly in the family as explanatory variables.Use the Probit model to analyze the influencing factors of household financial exclusion from the perspective of demographic structure.The paper finally draws the following conclusions that the proportion of household elderly population has a significantly negative impact on household financial exclusion,financing financial exclusion,and investment financial exclusion.An increase in the proportion of the elderly in the household will reduce the probability of household financial exclusion.The proportion of children in the family has a significant negative impact on financial exclusion.An increase in the proportion of children in the family will reduce the probability of financial exclusion.Based on the empirical results,the corresponding recommendations are put forward.First,the government needs to improve the social security system,establish a sound pension insurance mechanism,rationally allocate educational resources,reduce the cost of family care for the elderly and children,and promote family participation in the financial market.Financial institutions actively carry out product innovation,launching financial products more suitable for the elderly,and insurance institutions launching children-related insurance products to develop the two target groups of the elderly and children.Resident families need to work hard to improve their own educational level,expand financial knowledge,and purchase products that are more in line with their needs.