Research On The Influence Of Family Population Structure On Family Asset Allocation

Since the reform and opening up,household asset allocation has been constantly changing,which is not only affected by various economic factors,but also by non-economic factors such as family demographic structure and risk preference.Children are inextricably linked with families economically,and their existence will affect the consumption savings of families,and then affect the asset allocation of families.Based on the results of the Chinese Family Tracking Survey(CFPS),this paper constructs unbalanced panel data to explore the impact of the number and gender of unmarried children in a family on household asset allocation.This paper use the samples of all the family,to discuss if there is a unmarried children in the family to family cash deposits,risk of financial assets and the influence of real estate accounted for and hold,then use the families with unmarried children subsample alone,to discuss if there is a unmarried son in the family to family cash deposits,risk of financial assets and the influence of real estate accounted for and hold.Robustness tests were carried out with alternative explanatory variables and alternative samples,and heterogeneity was analyzed with urban and rural households.Through empirical research,this paper draws the following conclusions:(1)having unmarried children in a family has a negative impact on the proportion of cash deposits and the proportion of risky financial assets and holdings,and has a positive impact on the proportion of real estate.This is mainly because families have to bear a lot of costs in the process of raising and educating children,and they cannot accurately estimate the future expenditure of children,which reduces the degree of risk preference of families.(2)Unmarried sons in families with unmarried children will further have a negative impact on the proportion and ownership of risky financial assets in the family,and a positive impact on the ownership of real estate.The main reason is that in addition to raising and educating children,families with unmarried sons also need to purchase wedding houses and prepare betrothal gifts for their sons’ future marriages.As a result,families are facing great pressure,and their ability to resist risks is further reduced.