The selection of fnancial assets within households has gained increasing prominence in the context of China’s economic development. This paper systematically reviews existing literature, both domestic and international, focusing on family heterogeneity and the infuence of external factors. It critically assesses the advancements made in understanding the determinants of family fnancial asset choices while also acknowledging the limitations in current research. Building upon this comprehensive review, the paper identifes three promising avenues for future exploration. Firstly, there is a need for research delving into the impact of the digital economic environment on family fnancial asset choices. Secondly, understanding how macroeconomic systems shape these decisions is crucial for a holistic perspective. Lastly, examining the heterogeneity among family members and its influence on financial asset choices offers a nuanced understanding of this intricate decision-making process. The insights presented in this paper are invaluable for both academic research and practical applications related to family fnancial asset selection.