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111 The Effect of Education on Risky Financial Assets Holdings of Urban and Rural Households
Short Description
There have always existed systematic differences in the amount of financial assets holdings between urban and rural households. On average, urban individuals hold more of their assets in retirement accounts, stocks, and mutual funds, while rural individuals tend to allocate their assets in vehicle and business. As explanation to the differences in the pattern of asset holdings across urban and rural households, we believe that financial literacy and education level differently affect the amount of risky financial assets holdings of urban and rural households for two main reasons. First, people living in urban areas generally have better access to the stock market, allowing them to apply the financial knowledge they have learned from school. Second, urbanites have better access to jobs that offer attractive retirement and savings options that incentivize people to make higher periodic contributions, and these plans typically invest in portfolios of stocks, bonds, and stock indices. Being more educated allows them to fully understand these retirement savings plans, which are written with technical language and jargons, hence impacting the amount of risky financial holdings urban households possess. We will use the National Financial Well-being Survey as the main dataset for our models and analysis.
Type of presentation
Accepted Poster Presentation