| The level of discretionary income of Chinese citizens has steadily increased since the reform and opening up.Families are increasingly participating in the financial market,and the influence of family investment on the market economy is growing.However,the iterative innovation of financial products and the complex trend of the international economic and market environment have brought considerable challenges to residents in the allocation of household financial assets.By analyzing the existing literature,it can be found that the lack of residents’ own financial literacy and the weak awareness of risk greatly increase the risk of their participation in the financial market and increase the turbulence of the market economy.Therefore,through this study,the optimal allocation of household financial assets can be achieved while improving the financial literacy of Chinese residents and strengthening personal risk awareness,so as to maintain the stable development of my country’s real economy.This paper provided a preliminary examination of the relevant hypotheses and their mechanisms of action in the early stages by sorting out and sorting out the existing literature,and conducted a current situation research with the help of the existing data,further consolidating the theoretical foundation of the paper;in the empirical part,this paper innovatively The household financial asset allocation is classified using the rapid clustering method in order to present the research results more clearly,and the financial literacy indicators are processed by means of factor analysis.Based on the fact that the explained variables are categorical variables,to investigate the association between financial literacy and various allocation types,the regression analysis section mostly use a multinomial Logit model.In-depth research was carried out.The empirical results confirm that the improvement of residents’ financial literacy enables households to allocate financial assets more reasonably and promote the healthy development of the financial market;at the same time,it also verifies that risk attitudes have a significant mediating role in the impact path.Based on the empirical results,this paper provides relevant policy suggestions from different perspectives: for the government,it hopes to provide useful ideas for its financial education and financial supervision in the future;for financial institutions,this paper can help them to gain an in-depth understanding of the investment needs of different households,provide personalized services,and further promote financial innovation;for residents,this research can,to a certain extent,strengthen residents’ attention to financial literacy and enhance their awareness of risk management. |
