The Level and Influencing Factors of Financial Soundness in Chinese Senior Families:An Empirical Analysis Based on Data from CHFS(2019)
On the basis of data from the China Household Finance Survey(CHFS)in 2019,we explored the influencing factors of financial soundness in Chinese senior families and found that financial soundness in senior families was better than that of young and middle-aged families,especially in asset liability management,accident security management and old-age security management.The financial soundness of male and married households is better.Factors like age,years of education,health status and financial literacy of the household head have significant positive effects on the family's financial health index,while the risk appetite of the household head can significantly reduce a family's financial soundness.The increase of the family size and the proportion of children in family members have a significant inhibitory effect on a family's financial soundness,whereas the proportion of older adults,home ownership,financial literacy and financial investment participation have a positive effect on it.The financial soundness of senior families in urban China is significantly better than that in rural areas,and the influence of several variables on the index is characterized by urban-rural heterogeneity.
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