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Research on the impact of population aging and endowment insurance on household financial asset allocation- Evidence on CFPS data

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  • Liu, Sujiao
  • Zhu, Mengcheng
  • Ling, Wenhao

Abstract

Using CFPS data from 2012–2018, this paper explores the impact of the aging household population and endowment insurance on household financial asset allocation in China. It finds that the increase in the share of the elderly population significantly reduces the proportion of risky assets allocated to households. In addition, it increases the proportion of cash deposits held by households. Endowment insurance significantly increases the likelihood and proportion of households' allocation to risky financial assets. There are significant urban-rural differences in the impact of old-age insurance on household financial asset allocation.

Suggested Citation

  • Liu, Sujiao & Zhu, Mengcheng & Ling, Wenhao, 2023. "Research on the impact of population aging and endowment insurance on household financial asset allocation- Evidence on CFPS data," Finance Research Letters, Elsevier, vol. 54(C).
    • Handle: RePEc:eee:finlet:v:54:y:2023:i:c:s1544612323000934
    DOI: 10.1016/j.frl.2023.103719
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    References listed on IDEAS

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    1. Bing Liu & Yuhong He & Zhi Liu & Naeem Jan, 2022. "An Evaluation of the Security Ability of the Basic Endowment Insurance System for China’s Urban and Rural Residents," Journal of Mathematics, Hindawi, vol. 2022, pages 1-10, February.
    2. Congjia Huo & Guoan Xiao & Lingming Chen, 2021. "The crowding-out effect of elderly support expenditure on household consumption from the perspective of population aging: evidence from China," Frontiers of Business Research in China, Springer, vol. 15(1), pages 1-20, December.
    3. Shaojian Qu & Can Feng & Shan Jiang & Jinpeng Wei & Yuting Xu, 2022. "Data-Driven Robust DEA Models for Measuring Operational Efficiency of Endowment Insurance System of Different Provinces in China," Sustainability, MDPI, vol. 14(16), pages 1-21, August.
    4. Zhiping Ni & Yongqin Xi, 2022. "Research on Construction Suggestions of China’s Endowment Service Supply Model from the Perspective of Welfare Pluralism," Sustainability, MDPI, vol. 14(11), pages 1-18, June.
    5. Zexing Xue & Zhengping Ma & Chi Keung Lau, 2022. "Performance Evaluation of China's Basic Pension Insurance Based on a Three-Stage Superefficient SBM-DEA Model," Discrete Dynamics in Nature and Society, Hindawi, vol. 2022, pages 1-10, March.
    6. Yong Wang & Fang Li & Jia-Li Dou & Naeem Jan, 2022. "Research on the Evaluation Model of the Overall Benefit of the Nonlinear Rural Pension Based on Particle Swarm Optimization Algorithm: From the Perspective of Migrant Workers Returning," Mathematical Problems in Engineering, Hindawi, vol. 2022, pages 1-8, April.
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    Cited by:

    1. Yang, Cheng & Wang, Jie & Liu, Xiaoyu, 2024. "What affects the financial asset allocation of the elderly? From the perspective of financial literacy and risk attitude," Finance Research Letters, Elsevier, vol. 63(C).
    2. Li, Jingrong & Mi, Xinyu & Zhang, Chenlei & Qin, Yanran, 2024. "Social pension insurance and household risky asset investment: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 95(C), pages 219-233.

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