Abstract In recent years, under the influence of economic trend and national macroeconomic policy, the rate of return on real estate investment has declined, and the allocation and risk problems of Chinese household risk financial assets have been highlighted. The requirements for household financial investment have changed from extensive to intelligent. Therefore, the education level of residents has become an effective research perspective on this issue. Based on the Chinese Household Financial Survey data (CHFS), this paper uses the two-stage least square method (2SLS) and multiple intermediary effect model to study the influence of residents’ education level on Chinese household risk financial asset allocation and its mechanism and path. The results show that improving residents’ education level can increase the proportion of risky financial asset allocation in households, and there is significant heterogeneity in this impact on household registration types, their education level, family location, and economic development level. Education level mainly affects the allocation of risky financial assets in households through various paths such as financial literacy and social security. This paper argues that improving the quality of the whole people, popularizing financial knowledge and strengthening financial supervision are effective ways to optimize the allocation of household risk financial assets.
2023, Vol. 40 
