Research On The Impact Of Digital Inclusive Finance On The Financial Vulnerability Of Aging Families

Population aging is the current trend of global population structure transformation.In recent years,the aging population in China has been continuously deepening,bringing a series of financial challenges such as the imperfect pension security system.From a family perspective,aging families face many financial fragility issues such as getting old before getting rich and getting old before getting prepared.With the rapid development of digital inclusive finance in China,its role in improving household financial stability has gradually begun to emerge,providing new ideas for alleviating the financial vulnerability of aging households.In view of this,it is of great practical and theoretical significance to study the influence of digital financial inclusion on the financial vulnerability of aging families and explore the resolution mechanism of the financial vulnerability of aging families to alleviate the problem of financial vulnerability of aging families and ensure the financial stability of aging families.This paper uses the Chinese household Tracking survey in 2016 and 2018 and the Digital Inclusive Finance Index,drawing on the orderly Probit panel model,to conduct an empirical analysis of the impact of digital inclusive finance on the financial vulnerability of aging households.The following conclusions are drawn: first,population aging increases the probability of financial vulnerability in households,confirming the negative impact of population aging on financial vulnerability in households;second,the benchmark model indicates that the use of digital inclusive finance can alleviate the financial vulnerability of aging households;third,mechanism analysis shows that digital inclusive finance can ease the credit constraints of households and improve household income,and alleviate the negative impact of aging on the financial fragility of households through these two ways;fourth,through heterogeneity analysis,it is found that the negative impact of population aging on the financial vulnerability of households is greater in female headed households,and the mitigating effect of digital inclusive finance is also stronger in female headed households;In addition,the purchase of commercial insurance can alleviate the negative impact of aging on the financial fragility of households,that is,households that purchase commercial insurance are less affected by the negative impact of aging than households that do not purchase commercial insurance.Moreover,digital inclusive finance can alleviate the negative impact of aging on household finance.The marginal utility and significance of households without commercial insurance are higher than those with commercial insurance.Based on the above conclusions,this article proposes corresponding policy recommendations from three dimensions: households,financial institutions,and government departments.