Research On The Influence Of Inclusive Finance On The Subjective Well-being Of Residents

Since the reform and opening up,rapid economic growth has brought huge economic and social benefits to the people.As people's basic living needs are met,the role of economic growth in improving the residents' sense of happiness is gradually reduced,and the main contradictions in my country's economic development have begun to appear new changes.Many problems such as social income gap,poverty,corruption and environmental pollution have seriously affected the well-being of our residents,and the uneven and insufficient contradictions in economic development have become increasingly prominent.Inclusive Finance is committed to providing financial services to all classes and groups,by adjusting the financial structure and optimizing the allocation of financial resources to promote inclusive economic growth and alleviate major social contradictions.Therefore,inclusive finance may affect residents' subjective well-being to some extent.From the relevant literature and theoretical combing results,it can be seen that inclusive finance may influence the subjective well-being of residents through factors at the material and psychological levels of residents,and improve the well-being of socially disadvantaged groups by improving financial availability.From the perspective of the development status of inclusive finance and residents' subjective well-being in China,it is found that the development of inclusive finance coincides with the improvement of residents' overall happiness level and the narrowing of the social gap of happiness concept,indicating that inclusive finance affects residents' well-being Realistic evidence does exist.Use CFPS(2014 cycle)data and macro financial data to construct various dimensions of inclusive finance.Through the Order probit model,systematically examine the two dimensions of inclusive finance from the macro supply and micro-utilization of China's residents as a whole and socially vulnerable groups The impact of subjective well-being and its transmission mechanism,the results show that the development of inclusive finance can improve the overall subjective well-being of our residents,and the effect of improving the well-being of socially disadvantaged groups such as rural areas,low education and low income obvious.The intermediary mechanism test found that inclusive finance can increase residents' subjective well-being through mechanisms such as increasing residents' income and consumption,and reducing financial exclusion,but only the availability of credit has an intermediary effect in enhancing family confidence in thefuture.Through the study of the status quo description,theoretical analysis and empirical tests,we can draw: First,inclusive finance can improve the subjective well-being of residents through the material level and psychological level of the transmission mechanism,and improve the tolerance of socially vulnerable groups Second,the level of inclusive financial micro-utilization improves residents 'well-being better than macro-supply;third,lower financial literacy will limit residents' use of financial resources.Therefore,the following measures are proposed to improve the level of inclusive financial development in China: first,promote the development of financial supply entities and improve the financial availability of residents;second,accelerate the construction of a social credit system and reduce the level of financial exclusion;third,increase residents Financial literacy reduces financial self-exclusion.