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

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.