Homeownership and household risky asset holdings: Moderating role of social security and the mediating role of subjective well-being

Yao Gu and Xingui Zhu

Finance Research Letters, 2024, vol. 66, issue C

Abstract: In the context of China's evolving urban landscape, this study examines the relationship between homeownership and the propensity for households to engage in risky financial investments, while considering the moderating role of social security and the mediating influence of subjective well-being. Leveraging data from the 2019 China Household Finance Survey (CHFS) and employing quantitative analysis, the findings reveal that homeownership positively correlates with riskier investment behaviors, a relationship nuanced by social security provisions and mediated by the homeowners' sense of well-being. These insights challenge traditional financial behavior theories by highlighting the complex interplay of socio-economic factors and personal well-being in investment decisions, suggesting significant implications for policymakers and financial advisors. The study emphasizes the importance of integrating psychological and economic security in understanding financial behaviors, opening avenues for further research into the impact of technological advancements and cross-cultural applicability.

Keywords: Homeownership; Risky asset holdings; Social security; Subjective well-being; Investment decision (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324006949

DOI: 10.1016/j.frl.2024.105664

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