Hardship before Happiness:Children Number and Household Financial Vulnerability
The number of children is closely related to family economic behavior.Based on the CFPS data,this paper explores the im-pact of the number of children on family financial vulnerability.The results show that the increase in the number of children during the upbringing phase exacerbates family financial vulnerability through elevated child-rearing costs,reduced labor supply and altered asset allocation strategies,with urban households exposed to more pronounced impact of it.However,families with parents working in state-owned institutions and higher levels of education and demonstrating greater financial literacy remain unaffected.Further analysis conveys that an increase in the number of adult children significantly mitigates household financial vulnerability,presenting a life-cycle feature of hardship preceding happiness in bringing up children.Consequently,enhancing child-rearing support systems and boosting fertility intentions among the childbearing population are of vital importance for improving our country's demographic structure.
number of offspringcost of childrearinglabor supplyasset allocationfinancial vulnerability
万方数据
维普
