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Education investment, social security, and household financial market participation

Author

Listed:
  • Zeng, Yuan
  • Chen, Chunxiao
  • Wang, Chun
  • Zou, Jianke

Abstract

Household financial market participation is crucial for economic stability; however, the combined effects of educational expenditure and social security on market participation remain underexplored. Using the nationally representative China Family Panel Studies (CFPS) 2020 dataset, this study demonstrates that higher educational expenditure significantly increases financial market participation, with social security coverage amplifying this effect. Heterogeneity analysis reveals stronger effects for highly educated, low-income, and agricultural households. Robustness tests confirm the findings’ reliability. These results highlight the need for integrated policies that enhance financial literacy, expand social security, and support equitable financial participation, particularly for disadvantaged groups. The study contributes to understanding how human capital investment and economic security shape financial behavior.

Suggested Citation

  • Zeng, Yuan & Chen, Chunxiao & Wang, Chun & Zou, Jianke, 2025. "Education investment, social security, and household financial market participation," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003873
    DOI: 10.1016/j.frl.2025.107124
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    More about this item

    Keywords

    Household finance; Educational expenditure; Social security; Financial market participation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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