Is financial inclusion a source of happiness?

Axelle Heyert and Laurent Weill
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Axelle Heyert: LaRGE Research Center, Université de Strasbourg

Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg

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
New Economics Papers: this item is included in nep-cfn, nep-fdg, nep-fle, nep-hap and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2024-07

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