Study of the Impact of Housing Provident Fund on Urban Households’ Investment in Risky Financial Assets

Junyao Wang

doi:10.54097/p2qgms50

Authors

Junyao Wang

DOI:

https://doi.org/10.54097/p2qgms50

Keywords:

Housing provident fund, Risky financial asset investment, Financial product investment.

Abstract

Based on the 2019 CHFS data, this paper utilizes the Tobit model to consider the impact of housing provident fund on urban households' investment in risky financial assets and its mechanism of action. The results show that holding housing provident fund is increases the investment ratio of urban households for financial products and risky financial assets, and there are differences in household income levels and financial literacy. Further research found that housing provident fund significantly increases urban households’ future expectations and happiness, and thus increases the investment ratio of households in financial products and risky financial assets. The better the household’s financial situation, the higher the rate of investment in financial products and risky financial assets will be when the household owns housing provident fund.

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