Digital finance and financial literacy: Evidence from Chinese households

Junhong Yang, Yu Wu and Bihong Huang

Journal of Banking & Finance, 2023, vol. 156, issue C

Abstract: We measure financial literacy and study its impact on household use of digital finance using the 2015 and 2017 China Household Finance Survey. We find that financial literacy significantly boosts the use of digital finance, including mobile payments, online borrowing, and online financial products. This effect is more pronounced for online borrowing and online financial products than for mobile payments. This result suggests that the impact of financial literacy increases with the complexity of digital finance. Furthermore, financial literacy plays a more important role in promoting the use of digital financial services among disadvantaged groups, such as families with low income and wealth, the elderly, and residents in rural areas, compared with their counterparts.

Keywords: Financial literacy; Digital finance; Household finance; CHFS; China (search for similar items in EconPapers)
JEL-codes: D10 D83 D91 G11 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:156:y:2023:i:c:s0378426623001966

DOI: 10.1016/j.jbankfin.2023.107005

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