Digital Financial Inclusion, Household Financial Participation and Well-Being: Micro-Evidence from China

Qunyang Du, Fangxing Zhou, Tianle Yang and Min Du

Emerging Markets Finance and Trade, 2023, vol. 59, issue 6, 1782-1796

Abstract: Though financial inclusion has drawn a lot of attention lately, especially in emerging markets, it remains unclear how it affects household well-being. This study investigates the connection between digital financial inclusion (DFI) and household well-being using two databases in China. The findings suggest that DFI is positively associated with household well-being. Mechanism analysis reveals that a rise in DFI facilitates household financial participation, thereby increasing the probability of household well-being. Our further empirical analysis demonstrates that groups with lower education and income levels are more significantly affected by DFI regarding household well-being. Overall, the research provides empirical evidence for the assertion that expanding financial inclusion in the digital economy era can promote social fairness and provide a basis for a vigorous expansion of financial inclusion in emerging economies.

Date: 2023
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DOI: 10.1080/1540496X.2022.2153592

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