A Micro-analysis Of The Impact Of Educational Attainment On The Development Of Inclusive Finance

With the development of economic globalization,the phenomenon of uneven financial distribution has increased,and the gap between the rich and the poor has grown,and many countries around the world have proposed the concept of financial inclusion.The core of inclusive finance is to provide timely and sufficient formal financial services for individuals in society,improve the efficiency of social resource allocation,narrow the gap between the rich and the poor,and lay a solid foundation for the realization of social fair development.At present,the government is vigorously promoting the policy of inclusive finance,and the supply of formal financial services and products has increased rapidly.However,the development of inclusive finance has a series of endogenous difficulties,which obviously exclude some groups.Therefore,blindly expanding the supply of formal finance is not enough to achieve True financial inclusion.In order to fully realize financial inclusion,more and more studies try to explore from the perspective of the demand side what characteristics of groups will inhibit or promote the use of formal finance,and how to use group characteristics to increase the amount of formal finance use.Referring to the existing literature,although the development level of inclusive finance is explored from the perspective of group characteristics,it can be concluded that the improvement of the group’s education level will increase the use of formal financial services and promote the development of inclusive finance.However,it is too general to mention the influence of education level on formal finance only from the perspective of groups,and it is impossible to deeply analyze the heterogeneity of the use of formal finance among groups with different education levels.At present,informal finance,digital finance and inclusive finance coexist on a global scale,and groups of different education levels may be exposed to informal finance and digital finance.Conducive to the development of inclusive finance.The ultimate development goal of inclusive finance is to allow all individuals to enjoy formal financial services.Therefore,users of informal finance and digital finance with different educational levels are very important to promote or inhibit the use of formal finance,and how to use the education level to turn informal finance and digital finance users into formal financial users.Based on this,this paper,on the basis of fully learning from domestic and foreign research results,takes the educational level as the breakthrough point,and focuses on empirical research on the impact of different educational levels on the development of inclusive finance.The specific research contents and methods are as follows:Firstly,the groups are classified according to the educational level,and the influence of the educational level on the use of formal finance is analyzed by constructing a Probit model,and the multiplication items of group characteristics such as age,gender,income,employment and different educational levels are added to study other How group characteristics promote or inhibit the use of formal finance by educational attainment.The empirical research results show that:(1)the primary education group shows an inhibitory effect on the development of inclusive finance,while the higher education group shows a pulling effect on the development of inclusive finance;(2)the youth,high-income groups and other groups reduce the The inhibitory effect of the primary education group on inclusive finance,the elderly group increased the inhibitory effect of the primary education group on inclusive finance,the elderly,low-income,unemployed,women and other vulnerable groups all reduced the higher education group’s influence on inclusive finance.The pulling effect of Hui Finance.Then construct the multiplication term between education level and informal finance,and study whether informal finance users with different education levels have differences in the use of formal finance.The empirical research results show that:(1)informal savings have a complementary effect on formal finance,and informal borrowing has a substitute effect on formal finance;(2)informal financial users with primary education inhibit the use of formal finance,and informal financial users with higher education have a complementary effect on formal finance.Formal financial users can promote the use of formal finance and improve the education level of informal financial users,so that more informal financial users can use formal finance.Finally,construct the digital finance development index,construct the multiplication term of education level and digital finance,and explore whether there are differences in the use of formal finance by digital finance users with different education levels.The empirical results show that digital finance has a complementary effect on financial inclusion,but digital finance users with lower education level will inhibit the use of formal finance,and this inhibitory effect will disappear as the education level of digital financial users increases.According to the above empirical analysis results,this paper puts forward the following policy recommendations for the development of inclusive finance:(1)Pay attention to the services for the primary education groups.Government agencies should take the initiative to reach out to the primary education group and actively promote formal financial services in a variety of ways.(2)Improve the financial literacy of primary education groups.Enrich the financial knowledge reserve of the primary education group through various educational channels,such as holding special financial knowledge lectures.(3)Improve the employment rate and income level of the primary education groups.Help primary education groups with employment and entrepreneurial needs and abilities,and protect the employment rights of primary education groups through policies and measures.(4)Expand digital financial services.Take advantage of the convenience and low cost of digital finance to include more disadvantaged groups in the scope of inclusive financial services.(4)Innovative and precise development of financial products.To meet the needs of the target group of higher education,optimize the supply of financial products and improve the accuracy of inclusive financial services.