The influence of population aging on investment risk preference: an old-age security perspective


QI Mingzhu;ZHANG Chenggong


Population and Economic Research Center, School of Labor Economics of Capital University of Economics and Business;School of Labor Economics of Capital University of Economics and Business


With population aging, there is a decline of retirees’ dependence on pension and their children, while the accumulation of assets and the return on assets during the work period become more important for their future pension security. Investment products at different risks have various capital return rates. Residents’ investment risk preference will directly decide residents’ investment preferences and portfolio demand, and therefore affect the returns on asset in the future. Using the data of 2011 Chinese Household Finance Survey, this paper empirically analyzes the influence of age on the risk preference of residents by establishing a series of ordered logistic regression models. The results show that the investment risk preference during different life cycles is different, and the risk preference of the residents gradually decreases with age. Population aging will reduce the overall investment risk preference and develop a low return rate through adjusting the supply and demand of the future investment market. Finally, this paper puts forward policy suggestions to the old-age security in China.


age change;investment risk preference;old-age security


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Total: 11 articles

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