Children's Education Expenditure and Household Financial Asset Allocation
DOI:
https://doi.org/10.6981/FEM.202608_7(8).0008Keywords:
Children's Education Expenditure; Household Financial Asset Allocation; Intertemporal Planning; Theoretical Mechanism.Abstract
Children's education expenditure and household financial asset allocation are core issues of households' intertemporal financial planning, yet existing literature has not reached a consistent conclusion on their correlation. This paper constructs a theoretical framework to analyze the transmission paths and constraint conditions through which education expenditure affects financial asset allocation. The study reveals that education expenditure bears dual attributes of consumption and human capital investment, and exerts an overall positive driving effect via three mechanisms: intertemporal planning, information acquisition, and asset structure adjustment. Such positive effect is restricted by housing mortgages, health risks, household wealth stock, and urban-rural financial supply gaps. This paper provides theoretical support for the synergy between family education investment and household wealth accumulation.
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