Family Challenges in an Aging World:How the Cost of Elderly Care Affects Financial Asset Allocation?
Steadily increasing the reserves of old-age wealth is an important measure to actively coping with population ageing.Based on CFPS microdata,this paper explores the impact of household old-age care and its cost on household financial asset allocation.It is found that the cost of old-age care significantly contributes to the size of household investment in financial assets,but makes households more inclined to invest in risk-free assets.In addition,the impact of mother care and medium-intensity care on household financial asset allocation is particularly significant.Positive intergenerational interactions between household's favor weakening the precautionary motive and diversifying investments.Although social care can have a complementary effect with family elder care,it does not have a significant economic effect on family financial asset allocation.The conclusions of the study not only provide a new perspective for understanding family financial behavior,but also provide an important reference for the government to formulate policies for the synergistic development of old age and finance.
family old-age carefamily financial assetscost of old-age careinvestment expectationssocial care
NETL
NSTL
万方数据
