Research On The Impact Of Age Structure Of Family On Household Risk Assets Allocation

With the development of the economy and the accumulation of residents’ living standard s and wealth,people pay more and more attention to the allocation of family assets.In addition,with the continuous and in-depth development of investor education,the concept of household asset allocation is also changing,the willingness of risk asset allocation is increasing,and the diversity of demand for asset allocation is increasing.In the past,household asset allocation relied more on the real estate market,which may be difficult to continue at present.At the current time point,we need to think more about the allocation of household assets.Among them,the influencing factors of household asset allocation and improving the allocation proportion of risk assets are one of the topics that need to be studied and discussed.The research on household asset allocation and its influencing factors was mainly analyzed from the perspective of economic theory and macro in the early stage.With the development of household financial survey,domestic and foreign scholars began to make empirical analysis on household asset allocation from different angles around micro data.Under the background of prominent contradictions in population structure and aging problems,it is of great practical significance to study the impact of household risk asset allocation from the perspective of family age structure.This paper hopes to explore the impact on the allocation of family risk assets through the study of family age structure.At the same time,it can also better deal with the changes of family age structure through the allocation of family risk assets.Based on the introduction of family asset allocation theory,family age structure and the current situation of family asset allocation,this paper focuses on the impact of family age structure on household risk asset allocation by using the survey CHFS data of Southwest University of Finance and Economics,Through Probit model and Tobit model,this paper makes an empirical analysis on whether families hold risk assets and the proportion of holding risk assets,and tests the heterogeneity according to urban-rural grouping,regional grouping and income grouping,so as to study the differences of the impact of family age structure on household risk asset allocation in different groups.In order to further understand the mechanism of the impact of family age structure,Through the establishment of risk preference variables,the mediation effect analysis is carried out.The results show that the allocation of risk assets by Chinese households is still at a low level.The proportion of elderly population has a negative impact on the probability and proportion of holding risk assets,while the proportion of children has a positive impact.In the heterogeneity analysis,it is found that in rural families and western regional families,the proportion of children’s population has a negative impact on whether families hold risk assets and the proportion of risk assets,and in high-income families,the proportion of elderly population has a positive impact on whether families hold risk assets and the proportion of risk assets.According to the verification of the mediation effect of risk preference variables,the increase of the proportion of the elderly population will reduce the allocation of household risk assets through the decline of risk preference,but the mediation effect of the proportion of the young population is not obvious.Finally,on the basis of empirical analysis,reasonable suggestions are given from the perspective of family age structure and family asset allocation.