The Impact Of Digital Financial Inclusion Development On Household Savings Behavior

Digital Financial Inclusion is the era embodiment of financial development.It can effectively reduce the cost and threshold of traditional financial services,transcend the limitations of time and space,expand the business scope of traditional financial services,and benefit low-income groups and vulnerable groups who previously had difficulty in enjoying financial products and services.So far,Digital Financial Inclusion has bid farewell to the disorderly development of the previous industry,and gradually entered the "full blossom" version 4.0 through the survival of the fittest and strict industry supervision,facing new development and test.However,China’s household savings rate has been high previously.The development of Digital Financial Inclusion can promote the reduction of household savings rate to a certain extent,but there is still room for further decline.At present,the academic circle has different conclusions on the impact of Digital Financial Inclusion on residents’ savings:Some people believe that the rapid development of Digital Financial Inclusion plays a significant positive role in promoting Household savings in China(Guanfu Fang et al.,2020),while others believe that the development of Digital Financial Inclusion has a negative correlation with household savings on the whole(Binchang Zhang et al.,2020).This paper focuses on the study and discussion of how Digital Financial Inclusion affects residents’ savings,and draws its own conclusions by summarizing previous research results,then,using theoretical analysis and empirical analysis.The research findings of this paper are as follows:1.The development of Digital Financial Inclusion can effectively reduce the household savings rate;2.The development of Digital Financial Inclusion can optimize the savings structure of residents and improve the asset allocation of residents;3.The development of Digital Financial Inclusion promotes the improvement of household savings structure in the whole society,making the relatively poor people increase their household savings rate,while the middle and high income groups reduce their household savings rate appropriately;4.There is obvious heterogeneity in the impact of Digital Financial Inclusion development on household savings rate,that is,the negative impact of Digital Financial Inclusion development is more significant in the eastern region,while the impact of Digital Financial Inclusion development on the western region is greater than that of the central region and the western region.The research of this paper can enrich the current academic research results,provide certain theoretical and methodological reference for the future research of scholars that obviously has a meaningful in theory.At the same time,it also puts forward practical suggestions for individuals,families,financial enterprises and industries,as well as national policies,which is crucial for practical reference.