Research on the Influencing Factors and Problems of Financial Asset Allocation of Family Care

Abstract

In recent years, China's population aging has become increasingly severe due to the continuous decline in birth rates and the extension of average human life expectancy. Consequently, some residents have begun to pay attention to and systematically allocate personal and family pension financial assets. However, given the profound degree of population aging, the relatively low financial literacy of residents, and the limited financial inclusiveness of pension services in China, there remain certain challenges in how families manage their pension financial assets.This paper selects the 2019 data from the China Household Financial Survey (CHFS) and constructs the residents 'financial literacy index and the financial inclusiveness index of elderly care services using factor analysis. It employs the Probit model and Tobit model to study the impact of population aging, financial literacy, and the financial inclusiveness of elderly care services on the allocation of household financial assets for elderly care. The study reveals: (1) China has a deepening degree of population aging, with residents' overall financial literacy level being relatively low and the financial inclusiveness of elderly care services being insufficient; (2) Improving the national financial literacy level and enhancing the financial inclusiveness of elderly care services are conducive to increasing the proportion of elderly care finance in household total assets.