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Household asset structure, pension security, and consumer spending

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  • Guo, Xixi
  • Luo, Kewen
  • Fang, Jun

Abstract

This study uses data from the 2015, 2017, 2019, and 2021 Comprehensive Survey of Social Conditions in China to examine how household financial asset structure(HAS) affects resident consumption, focusing on pension security's mediating role. Findings indicate the negative correlation between HAS and residents’ consumption. Moreover, pension security acts as a mediator in the linkage between HAS and residents’ consumption, whereas Internet usage moderates this association, with this moderating effect exhibiting urban–rural heterogeneity and marital heterogeneity.

Suggested Citation

  • Guo, Xixi & Luo, Kewen & Fang, Jun, 2025. "Household asset structure, pension security, and consumer spending," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s154461232500371x
    DOI: 10.1016/j.frl.2025.107108
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    References listed on IDEAS

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