The financial assets allocation of a household changes with the growth of income level and this change is different with the difference between the individual characteristics of the residents and regional conditions of the households. The analysis by using CHFS (China’s household finance survey) data in 2017 shows that there is an inverted U-shaped relationship between household per capita income and the proportion of fixed deposit, and a U-shaped relationship between household per capita income and the proportion of total risk assets and stock assets, which confirms that Chinese households have a high precautionary saving motivation. Further heterogeneity analysis shows that when the age of the head of a household increases from young to middle-aged to old, the relationship between the family per capita income and the proportion of fixed deposit is U-shaped → U-shaped → inverted U-shaped, and its relationship with the proportion of total risk assets and the proportion of stock assets is inverted U-shaped → inverted U-shaped → U-shaped; The improvement of education level below undergraduate level can’t effectively reduce the precautionary saving motivation of residents, however, the improvement of education level above undergraduate level can effectively reduce the residents' precautionary saving motivation; Health shock makes families have strong precautionary saving motivation. Compared with the households in the central and western regions, the households in the eastern region are more inclined to allocate risk assets and stock assets, and their precautionary saving motivation is relatively low. Therefore, we should accelerate to promote the income level of low and middle-income groups, improve the security of medical care, housing, endowment insurance and education, effectively reduce the precautionary saving motivation, further release the consumption potential of family financial products, and boost the high quality development of modern finance.