Tong Sun;Yu Liao;

• 1:School of Foreign Studies
• 2: Capital University of Economics and Business
• 3:School of Finance
• 4: Capital University of Economics and Business

Abstract：

Household financial vulnerability is a crucial indicator for assessing economic risk at the household level. Mitigating household financial risk contributes not only to enchancing individuals' quality of life and well-being but also to ensuring the healthy and stable development of financial markets. Drawing on the data from the 2015—2019 China Household Finance Survey(CHFS), this study empirically examines the impact of education on household financial vulnerability and explores its underlying mechanisms. The instrumental variable estimation results indicate that higher educational attainment significantly reduces household financial vulnerability. This mitigating effect is particularly pronounced among low-income households, rural residents, and those living in central and western regions. Mechanism analysis reveals that education contributes to increasing income levels, enhancing financial literacy, and facilitating the purchase of commercial insurance, thereby alleviating household financial vulnerability. This study provides empirical evidence for a profound understanding of the role of education in mitigating household economic risks and offers insights for enhancing household economic resilience and preventing systemic risks.

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Abstract:

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Foundation: 北京市社会科学基金青年项目“人口老龄化背景下北京市家庭财富对养老行为的影响研究”（项目编号：22JJC041）的资助

Authors: Tong Sun;Yu Liao;

References：

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