Household Financial Asset Research Articles

A study of the impact of digital finance usage on household consumption upgrading: Based on financial asset allocation perspective

This paper analyzes the impact of digital financial usage on household consumption upgrading using data from the China Household Finance Survey (CHFS) 2015–2019. Overall, using digital financial services stimulates household consumption and enhances consumption patterns. Mechanistic analysis indicates that digital financial usage positively influences consumption upgrading by optimizing household financial asset allocation. This is evidenced across four dimensions: participation in risky financial markets, augmentation of risky asset allocation, and enhancement of financial investment portfolio diversity and efficacy. Furthermore, the influence of digital financial usage on consumption upgrading varies according to age, wealth, and region differences.

Retirement, confucian culture, and household financial asset allocation for older adults

This paper explores the impact of retirement on the financial asset allocation of elderly households and innovatively examines the moderating effect of Confucian culture. Using data from the China Household Finance Survey, the empirical results show that older adults reduce risky assets and increase savings after retirement. Confucian cultural concepts reinforce this conservative trend. The study also reveals the heterogeneous effects of household head health, urban-rural differences, and risk attitudes on allocation. This paper provides an essential reference for optimising the allocation of older households' financial assets and addressing the ageing challenges.

Multilevel social insurance needs and household financial asset allocation

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.

Mitigating Financial Investment Polarization: The Role of Digital Payments in Enhancing Household Participation

ABSTRACT This study examines the impact of digital payments on household financial asset investment, using the China Household Finance Survey (2013–2019). Our findings indicate that digital payments positively affect financial market participation and investment size, reshaping asset allocation structures. While households using digital payments show increased participation and investment amounts across various financial assets, a reduction in the weight of deposits is evident. The study highlights two key channels through which digital payments influence financial behavior: enhancing subjective financial literacy and increasing households’ attention to financial information. The research emphasizes the role of digital payments in mitigating polarization effects in household financial asset allocation.

Research on Household Financial Asset Allocation Based on Population Aging

Research on Household Financial Asset Allocation Based on Population Aging

Research on the Effect of Financial Asset Allocation on Household Consumption:Based on the Perspective of Wealth Effect

Based on the perspective of wealth effect, this paper uses the data of China Household Finance Survey to explore the effect of household financial asset allocation on consumption.This paper found that there is a wealth effect between household financial asset allocation and consumption,that is,household financial assets have an impact on consumption through the change of holding level.And when we used the instrumental variable to deal with the endogenous problem of variables, the above conclusion is still valid.Similarly,After replacing the empirical model and database,the empirical results are also robust and significant.This paper is of great significance to promote households to allocate more financial assets and release consumption vitality.

Working hours and household financial asset allocation

This paper uses the survey data from the China Household Finance Survey and Research Centre (CHFS) in 2017, 2019 and 2021 as the research sample to investigate the impact of working hours on household financial asset allocation. The study finds that working hours have a significant negative impact on household financial asset allocation; working hours only have a significant negative impact on the financial assets of urban investors compared to rural investors; and happiness plays a mediating role in the relationship between working hours and household financial asset allocation.

Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data

Using prefecture-level census data, this study examines the influence of population aging and the digital divide on Chinese household financial asset choices. Results indicate that aging significantly encourages the selection of risk-free over risky financial assets. Additionally, the digital divide moderates the aging effect on these financial decisions. Analysis also reveals that income levels affect how aging influences asset choice; lower-income individuals are more inclined toward risk-free assets. This study highlights the complex dynamics between demographic trends, technological divides, and financial behavior, emphasizing the nuanced impacts of aging and digital access on financial planning.

Financial Asset Allocation and Fertility Intention: Evidence from Chinese Families Using CFPS Data

China faces a structural-demographic crisis characterized by low fertility rates, an aging population, and ecological imbalances. Despite policy interventions, fertility intentions remain a concern. This study explores the complex relationship between household financial asset allocation and fertility intentions using CFPS data. The findings reveal a significant negative association between investing in financial products, total financial assets, and fertility intentions. Urban-rural disparities, gender differences, and educational gradients further shape this relationship. Mechanism analysis suggests that while financial assets boost income, they also influence households towards smaller family sizes, reflecting changing societal values.

Study on the Impact of Financial Technology Development on the Diversity of Urban Household Financial Asset Allocation-based on CHFS Micro-Data

This paper aims to explore the impact of financial technology development on the diversity of urban households' financial asset allocation. With the rapid development of financial technology, the structure of financial markets and household financial behavior have undergone profound changes. This paper systematically studies the mechanism of fintech in household financial asset allocation through theoretical analysis and the micro-data of China Household Finance Survey (CHFS). First of all, this paper analyses the definition of financial technology, its development history, and the impact of financial technology on the financial market. Secondly, from the perspective of household financial asset allocation, this paper discusses how fintech affects households' financial decisions through information acquisition, transaction costs, risk management and other ways. The research finds that the development of fintech significantly improves the efficiency of households in obtaining financial information, reduces transaction costs, enhances risk management capabilities, and thus promotes the diversity of household financial asset allocation. In addition, this paper also analyzes the differences in financial asset allocation of households with different income levels, educational backgrounds and risk preferences under the influence of fintech. Finally, this paper puts forward policy recommendations, and believes that the popularization and application of financial technology should be further promoted, family financial literacy should be improved, and the financial market environment should be optimized to promote the diversification and rationalization of family financial asset allocation. The research in this paper provides a new perspective for understanding the impact of fintech on household financial behavior, and provides a useful reference for policy makers.

Study of the Nonlinear Effect of Debt Leverage on Household Financial Asset Allocation

Using data from the China Household Finance Survey (CHFS), this paper investigates whether there is a nonlinear effect of debt leverage on households' financial asset allocation. The study shows that debt leverage affects households' motivation to participate in the financial market and leads to a reduction in the efficiency of financial asset allocation, with a certain nonlinear effect on low-debt households. Further, this paper provides policy recommendations to address the issue of reducing the impact of debt risk on residents' asset allocation, which is important for realizing the growth of household wealth.

How Does Fertility Policy Relaxation Affect Household Financial Asset Allocation? Evidence from the Universal Two-Child Policy in China

Both fertility policy and the healthy development of financial markets are important topics for sustainable economic and social development. By using the difference-in-difference (DID) model, this paper investigates how the universal two-child policy (UTCP) in China aiming to improve fertility affects household financial asset allocation, based on the China Family Panel Studies (CFPS) data from 2010 to 2018. The results show that the implementation of UTCP has a significant negative impact on household risk asset holdings. Specifically, the policy decreases the probability of households participating in the financial market by 3.1 percentage points, reduces the total value of risk assets held by 50.2%, and lowers the proportion of risk asset investment by 1.76 percentage points. Mechanism analysis suggests that the implementation of the policy has a significantly negative impact on labor market outcomes for women, which decreases household income and increases the time and effort spent on caring for children. As a result, the financial resources available for household financial asset investment are diminished, and the time for activities such as information gathering and financial asset transactions is squeezed out, ultimately leading to a decrease in household risk asset investment. Heterogeneity analysis reveals that households with self-employed wives (higher income instability), households without a co-resident status with grandparents (more time spent on childcare), and high-income households (stronger willingness to have more children) are more affected by the policy. This study provides new supplements on how fertility policies affect the allocation of household financial assets and proposes constructive suggestions on how to establish a comprehensive system of childcare welfare and alleviate the economic pressure of family childcare in developing countries.

Research on the Impact of Digital Finance on Household Financial Asset Allocation

With the continuous progress of science and technology and the popularization of the Internet, digital finance has gradually become an important development direction of the financial industry, and the development of digital finance has a profound impact on household financial asset allocation behavior. This paper reviews the research results related to digital finance and household financial asset allocation, discusses the possible direct and indirect impacts of the development of digital finance on household financial asset allocation by combining asset portfolio theory, market friction theory and long tail theory, and proposes the possible intermediary effects of financial availability, financial literacy and entrepreneurial willingness through mechanism analysis. Based on the above discussion, this paper puts forward relevant suggestions: (1) improve the penetration rate of digital finance, and increase the promotion of digital finance for remote areas and low-income groups; (2) Strengthen financial education to enhance families' awareness and digital financial literacy of digital finance. (3) Optimize digital financial products to meet the diverse needs of users. (4) Strengthen government supervision, improve digital finance related laws and regulations, and ensure the healthy and sustainable development of digital finance.

The impact of financial literacy on household financial asset allocation

The impact of financial literacy on household financial asset allocation

Research on the Mechanism of Improving the Quality of Chinese Residents' Household Financial Asset Allocation

In recent years, China's economy is in the transition stage from high speed growth to high quality development, and the report of the 20th Party Congress puts forward the new concept of "high quality development of finance", while the family, as an important member of China's financial market, will be conducive to the high quality of China's social and financial development by improving the quality of its financial asset allocation. Financial inclusion is intended to create a fair and efficient financial market, which plays a positive role in optimizing the allocation of family financial assets. With the continuous updating of financial technology and financial services, inclusive finance can be developed rapidly, this project will use China's CHFS data to conduct empirical tests, use hierarchical analysis to define indicators from the fairness and efficiency dimensions to construct the Tobit model as well as the advanced model to analyze the enhancement mechanism of China's residents' household financial asset allocation, in order to provide some theoretical thinking for the unfair and inefficient allocation of household financial assets at present.

Medical insurance, health risks, and household financial asset allocation: evidence from China household finance survey.

There is a lack of micro evidence on whether medical insurance may optimize the household financial asset allocation by transferring health risk, despite the fact that health risk is a significant component driving families' precautionary savings. This article empirically examines the impact of health risk and social medical insurance on household risky financial asset allocation using a Probit model, based on data from the 2015-2019 China Household Finance Survey (CHFS). The findings indicate that social medical insurance, with its lower level of security, reduces the likelihood, but it can alter households' preferences for risk by lowering marginal effect of health risk. According to the findings of the heterogeneity analysis, people who live in rural and less developed areas are more likely to experience the risk-inhibiting effects of social medical insurance and health risk. The eroding and risk-suppressing impacts of social medical insurance are likewise less pronounced for households headed by women and older people, as is the health risk's suppressive influence on household involvement in risky financial markets. Compared with social medical insurance, commercial medical insurance with a higher level of coverage can dramatically increase household participation in riskier financial markets. This article provides micro-empirical evidence for the household asset allocation effect of medical insurance.

Digital skills and household financial asset allocation

This research explores the impact of digital skills on household financial asset allocation using data from China Family Panel Studies spanning 2014 to 2020. The findings demonstrate that digital skills contribute to improved allocation of risky assets. They influence financial market participation by enhancing information acquisition and shaping risk attitudes. Moreover, variations emerge in the effect of digital skills based on urban and rural distinctions and wealth disparities. This study sheds light on the dynamic role of digital skills in shaping household financial behaviors and offers insights into reducing wealth inequality.

The Relationship Between Prosocial Preference and Household Risk Financial Asset Allocation

Household financial asset allocation and investors' propensity to invest in venture capital are popular research areas. Many papers have studied the impact of income level, health status, risk attitude, etc. on household financial asset allocation. However, for the social behavior indicator of prosocial preference, there are not many papers exploring its impact on household financial asset allocation. Therefore, this paper finds an indicator to measure investors' pro-social preference, and then explores its impact on household financial asset allocation and investors' venture capital behavior. This paper selects the CHFS questionnaire data in 2017 and 2019, and conducts regression analysis through stata. The analysis results show that pro-social preference has a positive impact on venture capital behavior, and a higher level of pro-social preference will also lead to higher investor family holdings. ratio of risky financial assets.

Entrepreneurial participation depth on household risky financial asset allocation

This paper aims to investigate the impact of entrepreneurial participation depth on household risky financial asset investments. The issue is examined using Probit and Tobit models based on the data of the 2017 China Household Financial Survey. First, the depth of entrepreneurial participation of entrepreneurs has a significant negative impact on whether their families participate in the risky financial market. Second, the more assets invested in entrepreneurship, the fewer households invest in risky financial markets. In addition, the depth of entrepreneurial participation would further squeeze out the degree of involvement in the risky financial market based on risk diversification and liquidity demand. Finally, the crowding out effect of entrepreneurial participation depth on household financial asset allocation differs between urban-rural duality and trust degree. This study further explains the mystery of limited participation in the risky financial market, helps understand the background risk characteristics of entrepreneurial families, promotes the scientific allocation of risky financial assets of related families and the stable operation of the risky financial market.

A Comparative Study of the Investment Behavior of Financial Asset Investors

In China's capital market, investors can be divided into two categories: individual investors and institutional investors. Different from foreign capital markets, in China's capital market, individual investors account for a relatively high proportion of investors, China's market is basically dominated by individual investors, retail characteristics are obvious. Due to the short establishment of China's capital market, it is not a completely effective market, the entry threshold is low, the education of investors is not perfect, the investment literacy and investment knowledge accumulation of individual investors is not high enough, and due to the existence of investor cognitive bias, individual investors are often in a weak position in the capital market, and the investment returns of individual investors are often lower than those of institutional investors. Therefore, the research in this paper is aimed at the investment behavior of individual investors. The research includes the influence of individual characteristics of investors on investment decision-making behavior, the effect of Internet media use on urban and rural households' financial investment behavior, the regional heterogeneity of residents' choice of financial assets, the role of risk aversion and subjective well-being on family participation in risk financial markets, and the influence of family age structure, health status, financial experience, financial literacy and trust on household financial asset allocation.