Research On The Impact Of Digital Inclusive Finance On The Risky Financial Asset Structure Of Middle-aged And Elderly Peopl

With the continuous upward development of China’s economy,residents’ income has increased significantly.At the same time,the scale of household wealth in China is also continuously increasing,making it particularly important to allocate household wealth reasonably.According to portfolio theory,a rational investor will reduce investment risks and maximize investment returns by increasing asset diversity.In recent years,Chinese residents have increasingly pursued diversity in financial asset investment,and their household investment structure has gradually moved towards diversification.With the rapid development of internet technology and the deep integration of finance and the internet,numerous new financial products and specialized investments have been derived,increasing the entry threshold for investment,which puts higher requirements on the investment ability of middle-aged and elderly people.However,middle-aged and elderly people have a relatively conservative investment awareness,low financial literacy,and a single risk asset structure,mainly relying on bank deposits.Digital inclusive finance has the characteristics of "universal" and "beneficial",which can benefit a wider audience.Therefore,it is of great significance to study whether digital inclusive finance can optimize the investment structure of middle-aged and elderly people,and how to optimize it.This article studies the impact of digital inclusive finance on the risk financial asset structure of middle-aged and elderly people.Firstly,it analyzes the current situation of digital inclusive finance and the risk financial asset structure of middle-aged and elderly people;Then,based on relevant theories and research reviews,we put forward hypotheses,and used Tobit model to analyze the impact of digital inclusive finance development on the risk financial asset structure of middle-aged and elderly people,and whether it can optimize the investment structure.At the same time,we divided the sample into regions,urban and rural areas,and age groups for regression analysis,and tested the robustness of the benchmark regression results.The test results are robust.Thus,it can be concluded that the development of digital inclusive finance can significantly optimize the risk financial asset structure of middle-aged and elderly people,and its insurance function has a significant impact on the optimization of investment structure;From the perspective of heterogeneity,from a regional perspective,due to differences in the development level of the digital economy,the optimization effect of digital inclusive finance on the risk financial asset structure of middle-aged and elderly people in economically developed areas is greater than that in underdeveloped areas.Whether in economically developed or underdeveloped areas,its insurance function has a greater impact on the optimization of investment structure.From an age group perspective,the optimization effect of digital inclusive finance on the risk financial asset structure of middle-aged people is greater than that of the elderly;From the perspective of controlling variables,education level,financial literacy,risk attitude,household income,and assets can significantly optimize the structure of financial assets.Based on these conclusions,the following suggestions are proposed:accelerate the construction of internet infrastructure and promote the digitization process of inclusive finance;Focusing on the construction of digital financial services;Learn financial knowledge and strengthen financial literacy education;Provide targeted investment guidance for middle-aged and elderly people in different regions.