The net worth of urban households accounts for 7 1.35% of the average household wealth, while the net worth of rural households accounts for 52.28% of the average household wealth. 93.03% of families own 1 apartment.
The allocation structure of China's household financial assets is single, and it is still concentrated in cash, demand deposits and time deposits, accounting for nearly 90%. Preventive needs such as medical care, old-age care and children's education are important factors in family savings. More than 60% of the respondents are risk averse.
Since the reform and opening up 40 years ago, the per capita disposable income of urban and rural areas in China has increased substantially, and the capital market has developed rapidly, so asset allocation has become an important part of family investment decisions. As one of the important manifestations of unbalanced development, the gap between income and property has become the focus of social attention. China Family Wealth Survey involves four sections: family members' information, family income, expenditure and property, family economic status and attitude towards life. Focus on the in-depth investigation of family wealth from the perspectives of urban-rural differences, asset allocation, investor characteristics and investment channels.
Asset allocation and wealth gap are closely related to China's economic and social development. The high proportion of real estate, the single structure of financial assets and the high precautionary savings all run counter to the expansion of domestic demand, resulting in weak growth of domestic demand. A single asset structure is more difficult to resist asset risks and is not conducive to the stable growth of residents' property. The large wealth gap also has a negative impact on labor supply and production investment. In view of this, it is necessary to introduce practical policies to effectively change the unreasonable asset allocation and the widening gap between the rich and the poor, change residents' investment expectations and narrow the gap between the rich and the poor.
There is a big gap between urban and rural family property.
According to the survey report, the average household property in China in 20 18 was 208,883 yuan, which was 7.49% higher than that in 20 17, and the growth rate was higher than the per capita GDP growth rate (6. 1%). There is a big gap between urban and rural family property. In 20 18, the per capita property of urban and rural families was 292,920 yuan and 87,744 yuan respectively. The per capita property of urban families is 3.34 times that of rural areas, and the per capita property of urban families is growing faster than that of rural areas.
There are some differences in the property composition between urban and rural residents. According to the property structure of families in China, the real estate accounts for 70%, the urban family net worth accounts for 7 1.35% of the family per capita wealth, and the rural family net worth accounts for 52.28%. The source of per capita wealth growth shows that the increase of net property value is an important factor in the increase of per capita wealth of Chinese families, and the increase of net property value accounts for 9 1% of the increase of per capita wealth of families. Therefore, urban families with higher net real estate value will gain more wealth accumulation from the substantial increase of net real estate value.
There are also obvious differences in the housing composition between urban and rural residents. Rural households are mainly self-built, accounting for 53. 18%, newly-built commercial houses are only 2 1.8 1%, and second-hand houses are only 6.73%. Urban households mainly buy new commercial housing, accounting for 36.26%, and self-built housing accounts for only 24.43%. Self-built houses account for half of rural families, and the proportion of buying second-hand houses is 10.97%. Under the background that the transaction of rural residents' homestead has not been fully liberalized in China, compared with self-built houses, newly-built commercial houses and second-hand houses have higher value. At the same time, the growth of China's net real estate value is mainly reflected in new commercial housing and second-hand housing. Therefore, the difference between urban and rural residents' real estate net value reflects the difference of urban and rural residents' housing composition to some extent.
The financial investment structure continues to be single.
With the development of the capital market, the investment channels of urban and rural residents are greatly enriched, but from the actual investment share, the financial asset structure of Chinese residents is still single, especially rural residents, which is consistent with the extremely low proportion of property income in China's macro distribution pattern. It is necessary to further improve the capital market, promote the diversification of financial assets of urban and rural residents, and then improve the property income of urban and rural residents.
The survey report shows that the distribution of financial assets of households is still concentrated in cash, demand deposits and time deposits, accounting for 88%, close to 90%. Among the 35 OECD countries with data, only 8 countries account for more than 50% of household financial assets, and only 3 countries account for more than 60%; Among the Nordic countries with wide coverage of social welfare and social security, Sweden, Denmark, Finland and Norway account for 19.34%, 19.95%, 3 1.65%, 438+04% and 38.75% respectively. A single financial asset structure is not conducive to the balance of household asset risks, and it is difficult to maintain and increase the value.
Judging from the self-evaluation of risk attitude and risk tolerance, most residents have an attitude of avoiding risks. It is not difficult to understand that when households are mainly risk-averse and have a strong motivation to avoid risks, their financial asset structure presents the characteristics of simplification.
In this round of family wealth survey, respondents rated their risk tolerance, with 0 indicating the minimum risk tolerance and 10 indicating the maximum risk tolerance. The statistical results show that the respondents with a self-rated risk attitude of 0 reached 32.8 1%, which is the highest proportion among all the scoring values, indicating that the group with almost no risk tolerance accounts for the largest proportion; Only 6.78% of the respondents rated the risk attitude as 6 points or above; The proportion of risk averse people whose self-rated risk is below 3 points is as high as 70.33%.
Measuring the family's risk tolerance according to the degree that the family can bear the loss of investment principal also shows that most families are risk-averse. 5.57% families can bear the loss of investment principal by more than 50%, 8.66% families can bear the loss of principal by 20% to 50%, 2 1.0 1% families can bear the loss of principal within 10%, and up to 64.76% families can't bear the loss of principal. At the same time, most urban residents with high per capita wealth are risk-averse, and the proportion of urban families who cannot afford the loss of principal exceeds 50%, reaching 55.2%; The proportion of rural families is as high as 83.88%.
Higher preventive demand pushes up the savings rate and reduces the investment share of other financial assets. The survey results show that the main reasons for Chinese residents' savings are: 48. 19%, 36.78%, 23.97%, 20.57% and 65,438+. The main reasons for urban and rural residents' savings are basically the same. Preventive savings for medical care, old-age care and children's education have become the main motivation of savings, which shows to some extent that China's social security system needs to be improved to reduce residents' demand for preventive savings. Higher precautionary savings lead to the simplification of financial assets structure, which is also not conducive to expanding domestic consumption demand.
Real estate forms an "crowding out" effect.
Generally speaking, family investment has a certain order. After one investment reaches a certain level or condition, the next investment will be made. The ownership rate and appreciation rate of real estate in China make real estate investment the first choice for family investment funds, thus reducing the share available for financial assets investment.
China has a high rate of home ownership. From the perspective of residents' wealth, the family wealth survey focuses on whether the interviewed families own houses, not whether they own houses in their current residence. According to the survey data, 93.03% of households own 1 apartment, 3.82% own two or more apartments, and only 3. 14% have no apartments. The average number of self-owned houses in China is 1.02 sets, which means that each family owns 1 set on average.
The rapid growth of the net value of real estate has boosted the enthusiasm of family real estate investment. From the perspective of family wealth structure, the family property structure has not changed much, and the proportion of net property value remains high; Moreover, the increase of family property is largely caused by the increase of net worth of property. As can be seen from the report, 9 1% of the increase in per capita household property comes from the increase in net property value. In addition, compared with the national average family property growth rate of 7.49%, the growth rate of net assets is close to 10.3%, and the proportion of net assets in total family property is further increased.
In recent years, house prices have shown a sustained growth trend. The survey data shows that the net value of real estate is also increasing, which makes families form the expectation that house prices will continue to rise. Although this expectation is blind, family investment decisions are still mainly based on past experience. Contrary to the real estate market, the financial market has strong volatility, which affects the family's asset allocation choice and makes them more inclined to invest in real estate.
There are group differences in financial investment.
The survey results show that families with low financial literacy are more likely to face higher investment risks, so they choose to stay away from financial investment. High-income, highly educated groups usually have high financial literacy and a good understanding of relevant financial knowledge and information. In addition, they have higher income and assets, and can invest in financial assets on the basis of meeting real estate and preventive needs, so the content of assets is richer, and it is easier to make investment decisions and get benefits from them.
With the increase of disposable income, the net worth of property owned by each family has gradually increased. If residents are divided into 10 groups according to their per capita disposable income, and then the differences of per capita real estate value in different income groups are investigated, it can be found that the per capita real estate net worth of families with the lowest per capita disposable income is only 4 1406.346 yuan; The per capita net assets of the families with the highest per capita disposable income reached 44 1735.8 yuan, which was 0.66 times that of the lowest group. The original value and present value of per capita real estate basically show a trend of increasing with the increase of per capita disposable income, and the debt balance and debt ratio of real estate also increase with the increase of per capita disposable income of families.
In recent years, people have formed the expectation of rising house prices in the future, and more and more assets are allocated to real estate by families with different income levels. Because high-income families have stronger purchasing ability and financing ability for real estate, the debt ratio and leverage ratio of real estate are also higher.
With the improvement of income level and educational background, the scale and structure of family financial assets show different characteristics. With the improvement of income level, the per capita cash, demand and time deposits of families have increased, and the growth rate is getting bigger and bigger. The per capita cash, demand and time deposits of families with the highest per capita disposable income are 4.64 times and 3.86 times of those of families with the lowest per capita disposable income, respectively. It is worth noting that with the improvement of income level, the investment proportion of residents' demand and time deposits has been declining, while the investment proportion of savings insurance, national debt, stocks, funds, futures, loans, other financial assets and foreign currency financial assets has gradually increased; With the improvement of education level, the proportion of current and time deposits held by families also showed a continuous downward trend.
Internet finance "urban-rural differences"
Internet finance is a typical representative of the "internet plus" model, which can reduce transaction costs, thus stimulating users' financial needs and causing a huge impact on traditional finance.
The survey report shows that the most important function of Internet finance is consumer payment. No matter in the whole country or in urban and rural areas, consumers who have used the internet consumption payment function far exceed the people who invest and manage money through the internet; Among them, the number of people who have used the financial investment function of the Internet is obviously more than that who have used the Internet for financing. In consumer payment, with the growth of family wealth, the use of Internet financial platforms has gradually increased, and the use of Internet financial investment means is far less common than that of Internet consumer payment means. At present, ordinary people still have some doubts about the security of Internet financial investment, and the function of Internet financial investment needs to be further explored.
Relatively speaking, people are less familiar with the Internet financing platform. With the further development of Internet technology, through the application of new technologies such as big data, cloud computing and blockchain, the Internet financing platform has alleviated the problem of information asymmetry to some extent. Coupled with fast repayment procedures and flexible and convenient repayment period, the financing function of the Internet has developed rapidly in recent years. However, at present, Internet financial management lacks iconic products in the fields of consumer payment and financial investment, such as Alipay, WeChat payment, Yu 'ebao, etc. The popularity of various products is not high enough, and the utilization rate is relatively low.
In addition, the usage rate of Internet financial instruments is higher in developed areas. In cities and towns, more than 70% of respondents use the internet to pay; In rural areas, the proportion is less than 30%. The data shows that the proportion of residents using Internet payment methods in the eastern region is close to all urban residents, the proportion of groups using three or more Internet payment methods is significantly higher than others, and the proportion of groups using two Internet payment methods is also higher than that using only one Internet payment method. The proportion of internet payment in the central and western regions is far from that in the eastern region, and urban residents with relatively high financial literacy have gained more convenience from internet finance.
Source: China Economic Net-Economic Daily