 Education investment, social security, and household financial market participationYuan Zeng, Chunxiao Chen, Chun Wang and Jianke Zou Finance Research Letters, 2025, vol. 77, issue C Abstract: Household financial market participation is crucial for economic stability; however, the combined effects of educational expenditure and social security on market participation remain underexplored. Using the nationally representative China Family Panel Studies (CFPS) 2020 dataset, this study demonstrates that higher educational expenditure significantly increases financial market participation, with social security coverage amplifying this effect. Heterogeneity analysis reveals stronger effects for highly educated, low-income, and agricultural households. Robustness tests confirm the findings’ reliability. These results highlight the need for integrated policies that enhance financial literacy, expand social security, and support equitable financial participation, particularly for disadvantaged groups. The study contributes to understanding how human capital investment and economic security shape financial behavior. Keywords: Household finance; Educational expenditure; Social security; Financial market participation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003873 DOI: 10.1016/j.frl.2025.107124 Access Statistics for this article Finance Research Letters is currently edited by R. Gençay More articles in Finance Research Letters from Elsevier |
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