| With the improvement of the aging level of the population in China,the gap for the elderly is widening.In order to alleviate the burden of social support,it is necessary to increase the income sources of residents’ families,improve the efficiency of family asset allocation,and realize income increase.However,the investment behavior of Chinese households is not balanced,preferring riskless financial assets such as bank deposits and insurance.The insurance industry belongs to the financial industry,which operates and manages risks.Among them,life insurance is rich in connotation and has commercial attributes.It is divided into life insurance,health insurance and accident insurance,and plays a role in ensuring people’s livelihood.Households holding personal insurance,on the one hand,can enjoy personal security such as pension and medical care.On the other hand,preventive needs can also be met,thus stimulating families’ speculative motivation to participate in the financial market and affecting the allocation of family financial assets.At the same time,China’s urbanization rate has exceeded 60% three years ago,realizing the transformation from rural to urban,the new security requirements and risk management awareness of urban families are conducive to optimizing the allocation efficiency of risky financial assets.Chongqing,as the financial center of the municipality directly under the Central Government and the central and western regions,the urbanization rate of its permanent population has reached 70.32% in 2021 and is expected to reach about 80% in 2035.According to the holding of financial assets by households in the western region,the holding rate of risk-free financial assets including insurance is as high as about 80%,and the holding rate of risky financial assets such as stocks,funds and bonds is only about 10%.However,the elderly dependency ratio in Chongqing ranked fifth in the first year of China’s aging society,up to 12.98%.Now,according to the data of the National Statistical Yearbook in2021,it reached the level of 25.48% and has ranked first.This paper believes that Chongqing has a serious aging,a high urbanization rate,and a stable and good development trend of life insurance.Therefore,the urban households in this area are selected as the research object to carry out the investigation and research.The specific research logic is as follows: firstly,this paper describes the background of the topic from three aspects of the current situation of insurance development,urbanization level and aging degree in Chongqing,and summarizes and comments on relevant research literature on the basis of summarizing the factors affecting the allocation of family risk financial assets.Secondly,it introduces the concepts of life insurance,urban households and household risk financial assets,as well as life cycle theory,background risk theory,preventive savings theory and modern asset portfolio theory.Thirdly,I design the questionnaire according to certain principles and test its reliability and validity.The survey data are statistically analyzed from the aspects of family population structure,economic level,insurance holdings of family members,and allocation of risky financial assets.Then,whether the holder’s life insurance is taken as the explanatory variable,whether the risk financial assets are held and their proportion are taken as the explanatory variable,and included in seventeen control variables of household head and household,the Probit model is selected to study the impact of the holding situation and the Tobit model is selected to study the impact of the holding proportion,and two robustness tests and three levels of heterogeneity analysis are carried out.Finally,according to the research results,relevant suggestions are made.This paper draws the following conclusions: firstly,low proportion of household risky financial assets;secondly,personal insurance can promote the holding and proportion of family risk financial assets;thirdly,the impact of life insurance on financial assets with different risks is heterogeneous;fourthly,different types of personal insurance have different effects on the allocation of family risk financial assets;fifth,the effect of personal insurance on the allocation of risky financial assets of urban households in different regions of Chongqing is different;sixth,different income levels have different effects on the allocation of household risky financial assets;seventh,the impact of various control variables on household risk financial asset allocation are different,especially the strongest inhibitory effect of real estate.In order to optimize the allocation efficiency of risk financial assets of urban households in Chongqing,promote the development of family finance and relieve the pressure of social pension,this paper puts forward relevant suggestions: firstly,enrich the supply of personal insurance products and maximize their role in promoting households to hold risky financial assets;secondly,strengthen the supervision of the insurance industry and smooth communication channels in the financial industry;thirdly,clarify the characteristics of various types of personal insurance and fully leverage one’s own advantages;fourthly,promote coordinated development between cities and towns,and improve the level of family wealth;fifth,stabilize the real estate market and reduce the pressure on family life;sixth,enhance residents’ financial literacy and improve their family health index. |
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