Study On The Influence Of Aging Trend On The Financial Asset Allocation Of Risk In Chinese Household

The 14th Five-Year Plan and the 2022 Government Work Report call for comprehensively promoting the building of a healthy China and actively responding to the aging of the population,stressing that ensuring people’s health is a strategic priority and high-quality development of the aging industry should be promoted.Since the reform and opening up,the national economy and people’s living standard have been improving continuously.The family assets allocation has become more and more important with the increase of disposable income of Chinese resident family assets.With the in-depth development of aging in our country,changes in the family population structure will affect the changes of the family support burden.The changes of the family support burden will affect the family propensity to consume and save.The demands at different stages of the life cycle will also affect the family investment goal and finally affect the family risk financial asset allocation behavior.In order to further study the influence of family dependency burden on household risky financial asset allocation under the background of aging,this paper uses the sample data of five rounds of China Household Finance Survey(CHFS)to construct a mixed nonequilibrium panel data for four periods of 2013,2015,2017 and 2019.Probit regression model and Tobit regression model were used to conduct empirical analysis on the probability and proportion of household risky financial asset allocation participation,and the heterogeneity test was conducted according to household income and household head age groups to study the differences in the impact of risky financial asset allocation on families of different groups.At the same time,the mediating effect analysis of investment risk preference and precautionary savings variables is added to establish the mechanism model of the influence of the change of family support burden on the allocation of household risky financial assets under the aging trend.The results show that although the allocation of risky financial assets of Chinese households is at a low level,it has an increasing trend year by year.The child dependency ratio has a negative effect on the allocation of risky financial assets,while the elderly dependency ratio has a positive effect.Among the control variables,gender,age,health,education,participation in pension insurance,family income and the number of real estate,regional change indicators,participation in digital social network and family happiness all have a significant impact on the investment behavior of household risky financial assets,while marriage and mortgage have no significant impact.In the heterogeneity analysis,only the child dependency ratio and the elderly dependency ratio of high-income families have a significant impact on the allocation of risky financial assets.The child dependency ratio is significant only when the head of household is middle-aged,and has a negative impact on the allocation of risky financial assets of the family.However,the elderly dependency ratio has a significant positive impact on the allocation of risky financial assets of the family when the head of household is young and old.According to the mediation effect analysis,preventive savings plays an intermediary role in the influence of the elderly dependency ratio on the probability of participation in the risky financial market and the proportion of allocation,which is a partial intermediary effect,but the indirect effect of the child dependency ratio is not significant.The investment risk preference of the household head only plays an intermediary effect on the proportion of child dependency ratio and family risk financial asset allocation,and the rest is masking effect.Based on the empirical research conclusion,this paper combined with China’s economic and social status,considered from the Angle of macro policy,introduced to guarantee school-age female fertility raising and improving the medical education and family endowment various effective measures,so as to give overtaxed burden of the family,promote family reduce precautionary savings,adjust the family investment risk appetite distortions,Reasonable release of family funds,improve the level of family investment and consumption,the ability to bear social and economic responsibility,is the current urgent problems to be solved.In addition,it is an important way to improve the participation and allocation of household risky financial assets by expanding the channels or channels for the allocation of household risky financial assets.In particular,under the premise of reasonable supervision,it is important to guide the elderly population to make reasonable investment and release excess household savings through financial education and other means.At the same time,based on the existing urban and rural household registration and regional differences,it is a long-term way to accelerate the break of urban and rural dual household registration restrictions and accelerate the economic development of the central and western regions.