The impact of rural upbringing on household risky financial asset allocation: An analysis based on CHFS

This study analyzes the impact of rural upbringing on household risky financial asset allocation using data from the China Household Finance Survey (CHFS) for the years 2015, 2017, and 2019 as samples. The empirical results indicate that rural upbringing has a negative effect on household risky financial asset allocation. Risk preference plays a mediating role in the relationship between rural upbringing and household risky financial asset allocation. Total household assets exert a significant moderating effect on the relationship between rural upbringing and household risky financial asset allocation. The health status of residents also plays a moderating role in the relationship between rural upbringing and household risky financial asset allocation. Additionally, there is heterogeneity in the impact of rural upbringing on household risky financial asset allocation between married and unmarried residents.