Analysis Of Financial Literacy Measurements And Influencing Factors Of Rural Residents

In recent years,with the rapid economic development and national progress,relying only on work and other basic means to earn income has gradually failed to meet the growing economic needs of the people;At the same time,the rapid rise of the Internet and the vigorous development of the financial market also provide some convenience for families to obtain additional income through financial management.With the increase of residents’ wealth and people’s yearning for a better life,the daily consumption of a family is no longer just for maintaining basic living needs,but also includes entertainment,learning,investment and other expenses.People also pay more attention to the extra income brought by the appreciation of their own wealth.More and more residents take the way of financial management to obtain extra income for their families.The participation of family financial management has gradually become the focus of social attention.Based on the above situation,the government and scholars from all walks of life gradually pay more attention to residents’ financial literacy.The essence of financial literacy is a manifestation of an individual’s overall literacy,which specifically refers to the organic combination of financial knowledge,financial awareness and financial skills that individuals acquire subjectively in daily life in order to obtain the financial welfare they expect.This combination can help residents make better financial decisions.The financial literacy of residents can reflect the financial education level of a country from an aspect,and the continuous improvement of the residents’ financial literacy is also the source power of national sustainable development.At the same time,as a developing country,our country has achieved a booming growth in economy in recent years.As a large agricultural country,according to the data of the seventh census,the rural population accounts for 36.11% of the country at present,about 509.79 million people.Due to the low educational level of farmers and the isolation of rural access to information,their overall financial literacy is low.In-depth research on the financial literacy of rural residents has rich theoretical and practical significance.In order to explore the feasible countermeasures to realize the coordinated and synchronous development of urban and rural residents’ financial literacy,this paper,based on the existing research,combines the actual characteristics of rural residents and the development status of rural finance,and refers to the existing financial literacy level evaluation mechanism to build an evaluation mode focusing on rural residents’ financial literacy.In Hubei Province,representative rural areas were selected as the survey area to conduct a questionnaire survey,and finally,through quantitative means to complete the analysis of factors affecting the financial literacy level of rural residents.Finally,the results show that:(1)the financial literacy level of rural residents is generally low;(2)Poor financial knowledge level of rural residents;(3)Multiple factors from two levels of personal basic situation factor and family socio-economic background factor will affect the level of residents’ financial literacy.The financial exclusion of women gradually disappears in the social aspects of our country.However,rural residents rarely spend their free time talking about financial related topics with friends and relatives.On the basis of the research results,combined with the above research results on the evaluation and influencing factors of financial literacy of rural residents in Hubei Province,relevant daily needs of rural residents in the financial level can be explored.In order to comprehensively improve rural residents’ literacy and realize the sustainable development of rural finance and inclusive finance,the following policies are imperative:(1)Improving the quality of basic education in rural areas;(2)Construct a scientific financial education and training system;(3)Adopt diversified financial literacy education model;(4)Increase the part-time employment rate of rural residents;(5)Promote the optimization and innovation of rural financial products and services;(6)Create a social interactive environment for financial knowledge.Compared with previous domestic studies on this topic,this paper takes the financial literacy of rural residents in Hubei Province as an example and carries out field research on an unprecedented basis.At the same time,Combining the most authoritative international literacy theory(OECD)with the four indicators covered by the World Bank’s Financial Competence Assessment framework,the People’s Bank of China according to the standardized document "Notice on the Establishment of Consumer Financial Literacy Questionnaire System(Trial)" and the China Family Financial Survey Center(CHFS)survey on Chinese families’ financial literacy,Questionnaire items were set up from multiple perspectives,so as to comprehensively investigate all aspects of rural residents’ financial literacy,and lay the corresponding foundation for subsequent research.