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Multilevel social insurance needs and household financial asset allocation

Author

Listed:
  • Guo, Jie
  • Zhang, Xinlong
  • Ling, Wenhao

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.

Suggested Citation

  • Guo, Jie & Zhang, Xinlong & Ling, Wenhao, 2024. "Multilevel social insurance needs and household financial asset allocation," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    • Handle: RePEc:eee:reveco:v:96:y:2024:i:pa:s105905602400501x
    DOI: 10.1016/j.iref.2024.103509
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    More about this item

    Keywords

    Multilevel; Social insurance needs; Financial assets;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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