Differential Analysis of Demographic Factors on Performance of Household Financial Asset Allocation in China

The growth of private wealth in Chinese households has improved the demand for financial asset allocation, and the performance derived from such allocation can enhance the overall financial well-being of families. In social sciences and policy-making, demographic factors analysis holds significant importance. Existing studies have explored its direct correlation with household financial asset allocation. This study employed independent sample t-test and Welch analysis of variance (ANOVA) to further investigate the differential impact of demographic variables on the performance of household financial asset allocation. The primary data used in this study were collected from questionnaires in 19 first-tier cities in China. The results indicate that there is no significant difference in the impact of different age and household size groups on the performance of household financial asset allocation. Other demographic factors such as gender, marital status, education level, and income show significant variability in household financial asset allocation performance. This finding provides valuable insights for policymakers, financial institutions, and investors to improve financial well-being for families and society.