Document Type
Article
Date of Original Version
2020
Department
Human Development and Family Science
Abstract
Risky financial asset holding is arguably a desirable financial behaviour that contributes to consumer financial well‐being. However, studies about associations between consumer financial education and risky financial asset holding in China remain limited. To fill this gap, using data from the 2015 China Household Finance Survey, this study examined the association between financial education and risky financial asset holdings and explored its mediators. Results from Probit regressions showed that financial education was positively associated with the household risky financial asset holding. Further analyses based on the mediating model found that financial literacy, economic and financial information search and risk tolerance were mediating factors in the association between financial education and risky financial asset holding. The results have policy implications for improving consumer financial education and financial market participation.
Citation/Publisher Attribution
Zhu, T., & Xiao, J. J. (2020). Consumer financial education and risky financial asset holding in China. International Journal of Consumer Studies. Early View. https://doi.org/10.1111/ijcs.12643
Available at: https://doi.org/10.1111/ijcs.12643
Author Manuscript
This is a pre-publication author manuscript of the final, published article.
Terms of Use
This article is made available under the terms and conditions applicable
towards Open Access Policy Articles, as set forth in our Terms of Use.