人口老龄化、金融素养与家庭金融资产配置

Population Aging,Financial Literacy And Household Financial Asset Allocation

尽管我国居民财富规模十分可观,但是由于我国人口的深度老龄化以及居民较低的金融素养,可能会僵化家庭对金融资产的配置。选用中国家庭金融调查(CHFS)2019年的数据,采用因子分析法构建居民金融素养指数,利用Probit模型研究人口老龄化程度以及金融素养对家庭金融资产配置的影响,并考察金融素养在其中的调节作用。研究发现,人口老龄化程度对家庭选择投资金融资产的可能性存在倒“U”型关系。进一步地,人口老龄化程度越高,其投资风险性金融资产以及活期存款的可能性都会降低,转而会倾向于选择定期存款,但是金融素养的提高可以减缓甚至抵消老龄化使家庭金融资产配置单一化的不利影响。

Although the wealth scale of Chinese residents is considerable,due to the deep aging of our population and the low financial literacy of residents,the allocation of financial assets by families may be rigid. Based on the data of China Household Finance Survey(CHFS) in 2019,this paper uses factor analysis method to construct residents’ financial literacy index,and uses Probit model to study the aging degree and the influence of financial literacy on family financial asset allocation,and to examine the moderating role of financial literacy in it.It is found that the degree of aging has an inverted “U” relationship with the possibility of family choosing to invest in financial assets. Furthermore,the higher the degree of aging,the less likely it is to invest in risky financial assets and demand deposits,and the more likely it is to choose time deposits. However,financial literacy can slow down or even offset the adverse effects of aging on the simplification of family financial asset allocation.