代際外溢效果：子女教育對父母股市參與之影響

Abstract

本研究利用台灣行政資料，探討子女財金教育對父母財務決策的代際外溢效應。實證結果發現，子女主修金融專業的父母在子女進入大學後，其股市參與率相對於主修其他科系學生的父母更高，顯示主修金融的子女在習得金融知識後，將其傳遞給父母，間接提升了父母的金融素養。值得注意的是，在家庭中只有一個小孩或是雙親都未曾參與過股市的情況下，這種外溢效果更加明顯。此外，母親在雙親中，受到這種代際外溢效果的影響較大。總結而言，本研究結果彰顯子女也會對父母與家戶的財務行為帶來影響，未來家庭財務的相關研究若能將此因子納入考慮，或許會有所裨益。

Using administrative data from Taiwan, this paper provides causal evidence of an intergenerational spillover effect stemming from a child’s financial education to their parents’ financial decisions. Specifically, after the child enters college, parents with a child majoring in finance exhibit higher stock market participation rates compared to those with children in other majors. This finding highlights the transfer of financial literacy from offspring to parents. Notably, this effect is more pronounced in households with only one child and particularly when neither parent has prior stock market participation experience. Furthermore, mothers appear to be more susceptible to this intergenerational spillover. These results emphasize the role of offspring in shaping parents' and household financial behaviors. Future research in household finance might benefit from considering this factor.