The Impact of Population Aging on the Allocation of Household Financial Assets
As a basic component unit of household amount,household financial assets are an important tool to increase household property income and improve household welfare.This paper empirically analyzes the impact of aging on household financial asset allocation by using 2016 and 2018 Chinese Family Panel Studies to measure household financial asset allocation in two dimensions:household financial market participation and household financial asset share.It is found that demographic aging significantly suppresses the probability of household financial market participation and has a significant negative impact on the share of household financial investment.Further exploring the mechanism of the effect of population age structure on household financial asset allocation,we find that population aging increases the burden of household financial support,which in turn suppresses the probability of household financial market participation and investment share;however,the economic feedback of elderly parents moderate the negative relationship of population aging on household financial asset allocation,which in turn has a facilitating effect on household financial asset allocation.Therefore,with the acceleration of population aging in China,the establishment of a sound guarantee mechanism to reduce the burden of family retirement can optimize the reasonable allocation of family financial assets and help residents to expand income avenues and achieve common prosperity.
population agingfamily financial assetschildren's financial supportparents'financial support
万方数据
维普
