Research On The Impact Of Population Aging On The Allocation Of Household Risky Financial Assets

Under the background of aging in China,"the elderly have a sense of security and medical care" is not only the inevitable requirement of high-quality social development,but also the common responsibility of the government and families.After years of construction,China’s social pension system has been initially completed,but there are still some areas to be improved.Families still play an important role in supplementing the lack of pension.Optimizing the allocation of risky financial assets,improving the income of household assets,and maintaining and increasing the value of assets are the key measures to alleviate the pressure of social pension.In the context of aging,will households’ allocation of risky financial assets and participation in the risk market be affected? What is the impact mechanism? What role does financial cognition play in it? The research on the above issues will help to clarify the financial impact of aging on the family,a micro entity,and provide a basis for families to better participate in China’s financial market.On the basis of combing relevant research literature,using chfs’ survey and research data in 2017,this paper describes the current development trend of aging and the current situation of household risk financial asset allocation,and establishes probit and tobit models to analyze the specific impact of population aging on household risk financial asset allocation,so as to verify whether the cognitive level of household finance can adjust the existing empirical conclusions.The empirical results show that under the influence of aging,household risk financial asset allocation behavior will be inhibited.Specifically,aging will inhibit households’ participation in the risk financial market,reduce the scale of household investment in risk financial assets,and reduce the proportion of risk financial assets.However,with the improvement of residents’ financial cognition,the negative impact of aging will be alleviated to some extent,the willingness of families to participate in venture financial investment will be improved,and the scale of venture financial assets will be expanded.At the same time,the empirical results show that education level,total household consumption level,total household income level and total household assets level also have a similar positive effect,but the impact of family size is the opposite.According to the empirical results,this paper puts forward policy suggestions for different subjects from different angles: at the national level,we should develop and improve the pension system,improve the social security coverage,and stimulate family investment enthusiasm;The financial market should be further developed and improved to create diversified products suitable for the elderly;Individual investors should also constantly improve their enthusiasm for financial learning,so as to improve their financial cognition.The marginal contribution of this paper is shown in two aspects: first,4534 data are cleaned out based on 40011 questionnaires,and a model is constructed to empirically analyze the allocation of household risk financial assets,making the empirical conclusions more practical;Second,from the perspective of financial cognition,we try to investigate whether the cognitive level has a regulatory effect on the inhibition of population aging,and when analyzing the relationship between marital status and family asset allocation,we get different research conclusions from the previous literature.