The impact of job quality on household risky financial asset allocation
利用2017和2019年中国家庭金融调查数据，研究发现工作质量提升会显著促进家庭投资风险金融资产，并通过增强金融素养和技术生活方式间接发挥作用，对城市和东部等地区家庭影响更明显。
Amid the backdrop of uniform household asset allocation and limited participation in financial markets, this study utilizes data from the 2017 and 2019 “China Household Finance Survey” (CHFS) to examine the impact of job quality (JQ) on household allocation of risky financial assets. The results indicate that improvements in JQ significantly encourage households to invest in risky financial assets, as reflected by increases in the likelihood of holding such assets, the total value of holdings, and the share of total financial assets allocated to risk. These findings remain robust across multiple tests. Mechanism analyses reveal that JQ indirectly affects risky asset allocation by enhancing both household financial literacy and technological lifestyle. Additionally, heterogeneity analyses show that the influence of JQ is more pronounced among urban households and those located in the Eastern, Central, and Northeastern regions of China. Based on these insights, the paper recommends enhancing JQ, strengthening financial literacy programs, advancing financial technology development, and promoting regional coordination to bridge financial decision-making gaps across urban–rural and regional divides, thereby facilitating household wealth accumulation through more diversified asset portfolios.