Study On The Influencing Factors And The Structural Change Trend Of The Asset Allocation Of The Elderly In China

With the aggravation of aging,the pressure of National Endowment is increasing rapidly.The state council published the “14th five-year plan” for the national development of the cause of ageing and the service system for the elderly,which proposes to fill the gaps in financial services for the elderly and effectively address population ageing challenges;The report to the 20 th Party Congress clearly calls for a positive response to the population ageing,with the focus on the 2023 National People’s Congress(NPC)and the National People’s Political Consultative Conference-CPPCCppcc),improve the quality of old-age care.Based on the national strategic guidance and the individual development of the elderly residents and the security needs of endowment assets,this paper takes the residents aged 60 and above as the research object,this paper studies the influencing factors and the changing trend of the asset allocation structure of the elderly residents.Research on the factors influencing the asset allocation of the elderly: this paper selects the indicators from four aspects: individual characteristics,risk characteristics,behavior characteristics and macro-environment,using the mixed OLS model and the Logit model,we studied the influential factors of asset allocation(financial assets,risky financial assets,real estate,and commercial endowment insurance)of residents over 60 years old,robustness test of replacement model.Study on the changing trend of the asset allocation structure of the elderly residents: starting from the historical changes of the asset allocation of the elderly residents,this paper analyzes the reasons for the changes of the asset allocation structure,and summarizes and analyzes the changing trend of the asset allocation of the elderly residents,and the government as well as the elderly residents put forward risk prevention measures.The results of this paper are as followed: First,the individual difference,risk attitude,endowment insurance and medical insurance holding,social participation,financial development depth of the region will affect the asset allocation.Financial literacy and educational background have the highest influence on the asset allocation of senior citizens,and senior citizens with high educational background,high income and financial literacy are more willing to conduct asset allocation.Second,the influence of age and social interaction on the asset allocation of different categories of elderly residents is different.Age has a positive effect on the allocation of financial assets,but has a negative effect on risk financial assets,investment property and commercial endowment insurance.Social Interaction has a positive effect on the allocation of risk financial assets,commercial endowment insurance and investment real estate,but a negative effect on the allocation of financial assets.Third,there is an obvious difference between urban and rural areas in asset allocation of elderly residents.Because of the investment threshold effect and the traditional family concept,the influence factors of asset allocation are not significant.The holding of basic endowment insurance will promote the allocation of commercial endowment insurance for urban residents,but will restrain the holding of commercial endowment insurance for rural elderly residents.Fourthly,the diversified development of the allocation structure of the endowment assets of the elderly residents.Under the influence of family income,traditional family concept,financial market development and policy orientation,in the future,the allocation of financial assets gradually tends to decrease,and the allocation of investment real estate will decrease,the allocation of risky financial assets and commercial pension insurance will increase.The policy suggestions are as followed: the government should strengthen the popularization of financial knowledge,improve the relevant system,improve the economic environment in rural areas;Elderly residents should pay attention to their health,take part in social activities properly,improve their financial literacy and invest carefully to guard against risks;financial institutions should diversify the types of endowment products.