关键词: 认知能力, 社会互动, 家庭金融资产配置, 无风险资产, 风险资产

Abstract:

This paper provides new evidence for the study of Chinese household financial asset allocation.We use the data of China Health and Retirement Longitudinal Survey （CHARLS）to construct a model of financial asset selection,then research on the impact of social interaction and cognitive abilities measured by numeracy and memory of the elderly on their asset allocation behavior.The results show that due to the high density of information about risk assets,the impact of basic numeracy on the financial risk assets is not significant,but the memory significantly promotes the allocation of household financial assets both in the whole sample and subsample;compared with the inherent cognitive ability,the outside social interaction has greater impact on household financial asset allocation,especially on risk assets held by older households.The conclusion has strong practical significance for improving the capital markets,strengthening the construction of old-age security system of “community retirement culture”,popularizing financial literacy education and designing new financial products to the elderly.

Key words: cognitive abilities, social interaction, household asset allocation, risk-free assets, risk assets