Research on the Impact of Digital Economy Participation on the Financial Asset Allocation of the Elderly

Abstract— Against the backdrop of a deepening aging population in China, the elderly face significant challenges in terms of old-age security. The development of the digital economy presents new opportunities for optimizing their financial asset allocation; however, technological barriers and insufficient financial literacy remain major obstacles. Based on data from the 2019 China Household Finance Survey (CHFS), this paper systematically analyzes the impact of household digital economy participation on the financial asset allocation of the elderly. The empirical results indicate that the digital economy can significantly optimize the asset allocation structure of the elderly by enhancing financial literacy, increasing attention to financial information, and strengthening risk tolerance. This effect is more pronounced in urban households and business-owning households. Based on these findings, this paper proposes improving age-friendly digital infrastructure and financial education systems, as well as optimizing information services and product supply mechanisms, to effectively translate the benefits of the digital economy into tangible improvements in the well-being of the elderly.