Analysis Of The Influence Of Age And Family Size On The Allocation Of Family Financial Assets

After decades of development,China’s economy has made great strides,residents’ wealth is constantly accumulating,the enthusiasm of families to participate in the financial market investment is constantly rising,and the factors affecting the allocation of family financial assets have gradually become the research hotspot of scholars.Demographic structure is an important factor affecting the allocation of family financial assets.Data from the seventh census show that China’s population structure has undergone great changes,mainly showing the characteristics of aging,fewer children and family size miniaturization.Based on the above background,the study of the impact of age structure and family size change,an important indicator of demographic structure,on the family financial asset allocation,which can help the government,financial institutions and family individuals to better deal with the aging crisis at the family finance level,and adapt to the new characteristics of demographic structure change.Therefore,based on previous research,the impact analysis of age structure and family size on family risky financial assets was selected as the theme.It paper out relevant literature,summarizes life cycle theory and other related theories,and puts forward four hypotheses.Then,the population age structure,family scale and family financial asset allocation are reviewed from the perspective of macro and micro scale and urban and rural areas,which provides data support for relevant research.Then,using the 2017 CHFS micro database as a sample,the influence of age structure with Probit model and Tobit model was explored,namely age,age square,child population ratio,elderly population ratio,family size and family financial asset allocation.At the same time,the stock is also selected as the representative asset of risky financial assets for empirical analysis,optimize the conclusion and improve the persuasiveness.In addition,this paper also takes into account that there is still a certain gap in the development degree and economic development in the eastern,central,western and urban and rural areas.Therefore,on the basis of the above research,the heterogeneity analysis between eastern and western regions and urban and rural areas is also conducted.Finally,the endogenous and robustness tests were conducted to ensure the standardization and stability of the empirical results.According to the research in this paper,the age structure and family size do affect the choice and holding ratio of risky financial assets.The allocation of age and risk financial assets shows a "inverted U-shaped" relationship.The proportion of individuals participating in risk financial markets and holding risk financial assets will peak at around 50-60 years old,which is in line with the expectation of life cycle theory.The proportion of children will inhibit the enthusiasm of families to participate in the risky financial market,and will also inhibit the proportion of families holding risky financial assets.The proportion of the elderly population will have an inhibitory effect when families choose to enter the risky financial market.Once the family enters the risky financial asset market,the experience and time advantage of the elderly will promote families to invest in risky financial assets.Family size will have a significant inhibitory effect both in the process of family choosing to enter the risky financial market,and in the proportion of family holding risky financial assets.House head gender,marital status,risk preference,health,family income,real estate status,individual business and commercial status control variables will also have a significant impact on the choice of risky financial assets,the stronger the risk preference,the higher the family income,the better the health family is more willing to enter the risky financial market,investment risk financial assets.In addition,according to the analysis of urban and rural heterogeneity and regional heterogeneity,it is found that there are indeed differences between rural and urban,eastern,central and western regions.In general,the more developed areas are,the more significant the impact of age structure and family scale on the participation and holding ratio of risky financial assets.This paper puts forward the following suggestions based on the research conclusion.First,the government should improve the social security system,increase support and continue to promote the rural revitalization strategy and narrow the urban-rural gap.Second,financial institutions should develop innovative products to explore the financial needs of the elderly and develop new markets.Finally,individual families should actively learn the basic financial knowledge and improve the financial market.