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Pandemic, Precautionary Saving, and Household Portfolio Choice: Evidence from China

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  • Yixing Zhang
  • Xiaomeng Lu
  • Qiu Zhong

Abstract

We examine the short-term impact of the COVID-19 pandemic on household asset allocation in China. The results show that in the first quarter of 2020, households generally save more. Basically, higher regional risk generates stronger motivation to increase precautionary savings. Households generally adapt to more conservative asset allocation strategies, the demand for low-risk asset increases, while the demand for high-risk and high-liquidity asset decreases. We find significant regional differences in household allocation strategies for high-risk and low-risk assets. These results could be due to the regional heterogeneity of time allocations.

Suggested Citation

  • Yixing Zhang & Xiaomeng Lu & Qiu Zhong, 2022. "Pandemic, Precautionary Saving, and Household Portfolio Choice: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(15), pages 4338-4349, December.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:15:p:4338-4349
    DOI: 10.1080/1540496X.2022.2069489
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    Cited by:

    1. Ren, He & Zheng, Yi, 2023. "COVID-19 vaccination and household savings: An economic recovery channel," Finance Research Letters, Elsevier, vol. 54(C).
    2. Paweł Merło & Jacek Michalak & Katarzyna Andruszkiewicz, 2024. "Model of Family and the Propensity to Build Sustainable Savings Attitudes in the Post-COVID World: A Case Study of Poland," Sustainability, MDPI, vol. 16(8), pages 1-18, April.
    3. Huang, Bin & Wang, Bin & Chen, Zixuan, 2024. "Individual investment adaptations to COVID-19 lockdowns," The North American Journal of Economics and Finance, Elsevier, vol. 70(C).
    4. Tan, Yan & Uprasen, Utai, 2023. "Asymmetric effects of oil price shocks on income inequality in ASEAN countries," Energy Economics, Elsevier, vol. 126(C).

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