Research On The Impact Of Digital Inclusive Finance On Chinese Household Financial Behavio

With the continuous development of the social economy,household financial activities have become an important part of China’s economic activities,and more and more households are consequently generating a variety of financial services needs.The development of digital inclusive finance builds a bridge between financial services and household financial needs,bringing financial well-being to households.The development of digital inclusive finance provides a bridge between financial services and household financial needs,bringing financial well-being to households.Digital inclusive finance not only provides a huge potential force for achieving common prosperity,but also is a feasible choice and practical need at present.Against this background,this article studies the impact of the development of digital inclusive finance on household financial behavior,using the Peking University Digital Inclusive Finance Index and the 2019 China Household Finance Survey(CHFS)data to first analyse the current situation of digital inclusive finance and household financial behaviour(risky financial market participation,access to private lending,demand for investment advisors),and then explores,through probit and other models,it explores the impact of digital inclusive finance on household risk financial market participation,private loan acquisition,investment consultant demand and intermediary mechanism.Finally,the heterogeneity of the impact of digital financial inclusion on household financial behaviour in terms of household head characteristics,household characteristics and regional characteristics is analysed.The findings show that:(1)the development of digital inclusion finance significantly facilitates households’ participation in risky financial markets,and this facilitation effect is greater for households that have less than a bachelor’s degree,have greater than average total assets,and are in rural areas,with financial literacy playing an important mediating role in the process;(2)The development of digital inclusion finance significantly inhibits households’ access to private lending,and this inhibiting effect is greater for households those have less than a bachelor’s degree,have greater than average total assets,and are in urban areas,with financial literacy playing an important mediating role in this process;(3)The development of digital inclusion finance significantly boosts households’ demand for investment advisors,and this boosting effect is greater for households that have less than a bachelor’s degree,have greater than average total assets,and are in urban areas,with financial literacy and household participation in the venture capital market playing an important mediating role in the process.The following recommendations are made:(1)household investors should actively participate in the financial market and focus on improving financial literacy;(2)financial institutions should make full use of digital information technology to optimise the supply of financial products and meet new customer needs;(3)relevant financial management departments should continue to promote the development of digitally inclusive finance and spread financial literacy.