Abstract: Long-term model of asset allocation based on life cycle theory is an important framework of studying the relationship between social insurance and household asset allocation. But some weak points were mentioned in this paper that the influence of social insurance isn’t shown up completely and the model is short of the direct support from the household data. In this paper one single-period model was established including social insurance, future expectation and we got rich conclusions through a questionnaire survey. The statistical results show that most of those questioned have expectation for future payment and it will affect their decisions of asset allocation; the results also show that the length of time those questioned expect in obeys a Poisson distribution, and the precautionary saving has some statistical characteristics; those questioned will be affected by some factors on their expectation and decisions about precautionary saving. Meanwhile, the statistical results show many differences between those questioned who has household registration in Shanghai and other provinces. The main innovation of this paper is building a long-term model of asset allocation which shows the whole influence of social insurance, at the same time providing the support based on the actual household data through the questionnaire and showing the factors which affect the household decisions about asset allocation