Is financial inclusion a source of happiness?

Axelle Heyert and Laurent Weill

International Review of Financial Analysis, 2024, vol. 96, issue PB

Abstract: This paper investigates whether financial inclusion affects life satisfaction. We perform regressions at the individual level on a large dataset of 59,209 individuals from 29 countries. We find evidence that financial inclusion improves life satisfaction. We further establish that the beneficial effect of financial inclusion takes place through a better health, education and to a lesser extent through the launch of a business. We observe that the positive impact of financial inclusion on life satisfaction is greater in countries with higher income per capita, and lower in countries recently struck by a financial crisis. Our results indicate that promoting financial inclusion can enhance happiness.

Keywords: Financial inclusion; Life satisfaction; Banking (search for similar items in EconPapers)
JEL-codes: G21 I31 O16 P46 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:96:y:2024:i:pb:s1057521924006495

DOI: 10.1016/j.irfa.2024.103717

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