|
| Variables | Definition | Mean | Std. dev. | Min. | Max. |
|
| Dependent variables |
| finance_asset | Total financial assets (RMB) | 34,627.420 | 103,415.400 | 0 | 4,240,000 |
| cash_asset | Cash and deposits (RMB) | 27,130.860 | 74,352.080 | 0 | 2,000,000 |
| prop_cash | The proportion of cash and deposits in total financial assets | 0.881 | 0.271 | 0 | 1 |
| risk_asset | Total risk assets (RMB) | 3,360.524 | 12,616.110 | 0 | 3,000,000 |
| prop_riskasset | The proportion of total risk assets in total financial assets | 0.024 | 0.121 | 0 | 1 |
| whether_riskasset | Whether investing in risk assets (yes = 1, no = 0) | 0.045 | 0.208 | 0 | 1 |
| Stock | Stocks (RMB) | 1,354.294 | 17,095.010 | 0 | 1,000,000 |
| prop_stock | The proportion of stocks in total financial assets | 0.010 | 0.074 | 0 | 1 |
| Fund | Funds (RMB) | 662.792 | 7,020.862 | 0 | 200,000 |
| prop_fund | The proportion of funds in total financial assets | 0.007 | 0.064 | 0 | 1 |
| Govbond | Government bonds (RMB) | 96.910 | 3,196.017 | 0 | 200,000 |
| prop_govbond | The proportion of government bonds in total financial assets | 0.001 | 0.012 | 0 | 0.5561 |
| Derivatives | Derivatives (RMB) | 265.831 | 7,413.188 | 0 | 500,000 |
| prop_derivatives | The proportion of derivatives in total financial assets | 0.001 | 0.021 | 0 | 1 |
|
| Explanatory variables |
| percentage_60 | The percentage of family members age 60 years and older (%) | 21.618 | 32.964 | 0 | 100 |
| number_60 | The number of family members age 60 years and older | 0.634 | 0.820 | 0 | 4 |
| whether_60 | Whether there are family members age 60 years and older (yes = 1, no = 0) | 0.427 | 0.495 | 0 | 1 |
| percentage_65 | The percentage of family members age 65 years and older (%) | 14.644 | 28.649 | 0 | 100 |
| number_65 | The number of family members age 65 years and older | 0.414 | 0.692 | 0 | 4 |
| whether_65 | Whether there are family members age 65 years and older (yes = 1, no = 0) | 0.306 | 0.461 | 0 | 1 |
|
| Control variables of raising children |
| percentage_14 | The percentage of family members age 14 years and younger (%) | 14.086 | 17.062 | 0 | 100 |
| number_14 | The number of family members age 14 years and younger | 0.667 | 0.877 | 0 | 7 |
| whether_14 | Whether there are family members age 14 years and younger (yes = 1, no = 0) | 0.465 | 0.499 | 0 | 1 |
|
| Control variables of family characteristics |
| Urban | Whether the family is in urban areas (yes = 1, no = 0) | 0.485 | 0.500 | 0 | 1 |
| number_work | Number of family members having job | 1.533 | 1.198 | 0 | 9 |
| number_insurance_60 | Number of family members age 60 years and older having pension | 0.615 | 1.010 | 0 | 8 |
| number_insurance_59 | Number of family members age 59 years and younger having pension | 0.505 | 0.791 | 0 | 6 |
| Expense | Total expenses in last year (RMB) | 42,664.990 | 33,661.290 | 5,800 | 127,800 |
| other_asset | Assets excluding financial assets and housing assets | 29,801.880 | 43717.400 | 0 | 156,230 |
| Netincome | Net income in previous year (RMB) | 37,794.010 | 31,514.740 | 2,000 | 114,400 |
| saving_rate | Savings rate in previous year (%) | −171.395 | 658.152 | −4,113.333 | 92.641 |
| whether_house | Home ownership (yes = 1, no = 0) | 0.887 | 0.317 | 0 | 1 |
| whether_eco | Whether family members have education in economics or management (yes = 1, no = 0) | 0.044 | 0.205 | 0 | 1 |
| edu_head | Family head’s education level | 2.846 | 1.367 | 1 | 8 |
| age_head | Family head’s age | 45.190 | 16.690 | 0 | 102 |
| whether_work_head | Whether the family head has a job | 0.683 | 0.465 | 0 | 1 |
| number_hospital | Number of family members in hospital during in the previous year | 0.241 | 0.492 | 0 | 4 |
| Year dummy variables and provincial dummy variables (omitted) |
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