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Commercial pension insurance and risky financial asset allocation: Evidence from elderly Chinese families

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  • Liu, Zhixiao
  • Zhang, Xue

Abstract

The aging population is expanding globally, and addressing the challenges of elderly care is urgent. Using the 2019 China Household Finance Survey data, this study finds that commercial pension insurance significantly promotes households’ allocation of risky financial assets. We test the mechanisms using household risk perception and investment risk preference as mediating variables. Heterogeneity analysis reveals that the positive effect of commercial pension insurance on risky financial asset allocation is more significant in rural households with household registration, those with two sets of housing, and households in the northeast. The research findings of this article aim to promote the continuous improvement of China's elderly care system and provide important empirical evidence for the formulation of relevant policies.

Suggested Citation

  • Liu, Zhixiao & Zhang, Xue, 2025. "Commercial pension insurance and risky financial asset allocation: Evidence from elderly Chinese families," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325002922
    DOI: 10.1016/j.frl.2025.107028
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