Abstract
This study selects data from the China Household Finance survey 2019, constructs the residents’ financial literacy index using factor analysis, and uses the probit model to examine the impact of multilevel social insurance demand on household financial asset allocation. This study finds that multilevel insurance demand weakens household financial asset allocation while other factors remain constant; the age of the household head negatively affects the allocation of household risky financial assets; household financial literacy moderates multilevel insurance demand and household financial allocation.
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