Urbanization and financial literacy: the knowledge spillover effect

Zhu Yan, Aoran Wang, Weiwei Shao and Yanni Zeng

Applied Economics Letters, 2022, vol. 29, issue 20, 1885-1890

Abstract: Using the dataset of the 2015 wave of the China Household Finance Survey (CHFS), this paper examines how urbanization influences individuals’ financial literacy. We demonstrate that the financial knowledge of urban natives spills to rural–urban migrants in the process of urbanization and urban agglomeration. We address the potential endogeneity issue by taking advantage of China’s land expropriation policy. Our results are robust to identification regressions and a series of robustness checks. Further mechanism analysis shows that the financial literacy spillover effect works mainly through social networks.

Date: 2022
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DOI: 10.1080/13504851.2021.1965080

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