A Study of the Impact and Mechanisms of Online Social Participation on Risky Investment in Elderly Households
Senior adults use the internet as a means of online social participation.Based on the data from China Household Finance Survey 2017,this paper examined how senior adults'online social participation has impacted their household risk investment.The results indicate that(1)online social participation significantly increases the probability of risk investment and its proportion in household financial assets among elderly households;(2)the impact of online social participation is significant among different elderly groups,but with low heterogeneity;(3)the effect is transmitted through the return-risk mediating mechanism which includes three variables:financial information,risk preference,and financial literacy;and(4)both formal and informal participation have a facilitat-ing effect on household risk investment,but the former is weaker than the latter.In the era of digital economy and the implementation of the national strategy on population aging,social participation of the elderly is not on-ly an end but also a means.Online age-friendly finance should be vigorously promoted,elderly people of differ-ent ages and in different regions should be targeted,financial literacy should be popularized,and rational alloca-tion of assets of the elderly families should be encouraged to increase the channels of economic security.
social participation of the elderlyeconomic security for the elderlyfamily asset allocationfinancial literacy
NETL
NSTL
万方数据
