<p>Chasing destiny is a significant practice in human culture. Using data from the Chinese General Social Survey, we create a new concept of “life numerological practice”, which refers to the unique numerological behavior adopted by Chinese individuals, analyzing how life numerological practice affects household financial asset investment behavior. The results show that the practice of this numerology-based behavior can positively promote household financial investment. This result still holds after overcoming endogeneity by the instrumental variable method and the propensity score matching method. Additionally, we verify that social support, rather than the risk attitude, is a key mediating mechanism. Furthermore, the higher education and class identity deviation moderate the relationship between life numerological practice and household financial investment behavior. This research introduces a unique action logic of the financial behavior of Chinese individuals and suggests that academics should pay more attention to cultural context.</p>

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Life numerological practice and household financial asset investment: evidence from China

  • Jiahao Zhang,
  • Yunliang Zhang,
  • Aoxuan Feng,
  • Yike Chen

摘要

Chasing destiny is a significant practice in human culture. Using data from the Chinese General Social Survey, we create a new concept of “life numerological practice”, which refers to the unique numerological behavior adopted by Chinese individuals, analyzing how life numerological practice affects household financial asset investment behavior. The results show that the practice of this numerology-based behavior can positively promote household financial investment. This result still holds after overcoming endogeneity by the instrumental variable method and the propensity score matching method. Additionally, we verify that social support, rather than the risk attitude, is a key mediating mechanism. Furthermore, the higher education and class identity deviation moderate the relationship between life numerological practice and household financial investment behavior. This research introduces a unique action logic of the financial behavior of Chinese individuals and suggests that academics should pay more attention to cultural context.