Research On The Impact Of Digital Inclusive Finance On Household Financial Availability

With the widespread adoption of digital technology in recent years,China’s digital inclusive finance has grown rapidly,becoming an important source of power and a growth point for the financial industry’s high-quality development.For the first time,the G20 Summit addressed the issue of digitally inclusive finance in 2016.The use of digital technology to promote the development of inclusive finance aids in the balance of innovation and risk,providing citizens with better,more convenient,and safer financial services.At the same time,improving the financial accessibility of our households is an inherent requirement for financial development,which helps improve social welfare,enhance social security,alleviate poverty and protect vulnerable groups,and enhance social welfare.Promoting digital inclusive finance is a strategic choice to alleviate financial exclusion and enhance the financial accessibility of households in China.Based on the theories related to digital inclusive finance and household financial accessibility,we focus on the problems encountered in the digital domain of household financial accessibility and explore the mechanism of the role of digital inclusive finance development in influencing household financial accessibility,taking into account the characteristics of household finance.To begin,a review of the relevant literature on digital inclusive finance and household financial accessibility is conducted to establish the research framework and sort out the theories related to digital inclusive finance and financial accessibility;Secondly,the paper investigates the current state of development of digital inclusive finance and household financial accessibility in China and clarifies the mechanism of digital inclusive finance’s impact on household financial accessibility;Finally,for three years,2015,2017 and 2019,the Peking University Digital Inclusive Finance Specific Index is combined with relevant data from 29 Chinese provinces to conduct empirical analysis using a two-way fixed effects model and propose corresponding countermeasures.The study shows that:(1)Overall,digital inclusive finance can increase household financial accessibility,and when looking at the secondary dimension indicators,the breadth of coverage and depth of use can also increase household financial accessibility,but the relationship between the degree of digitization and household financial accessibility is not significant.(2)In terms of heterogeneity,the contribution of digital inclusive finance to household financial accessibility is uneven,with a stronger contribution to disadvantaged groups such as economically developed eastern regions,rural areas and low and middle income groups.(3)In terms of moderating variables,the increase in digital literacy and financial concern helps moderate the relationship between digital inclusive finance and household financial accessibility,positively contributing to the increase in household financial accessibility.Based on the findings of the empirical analysis,the following suggestions are made to promote the development of digital inclusive finance and improve household financial accessibility:firstly,to co-ordinate the formulation of financial support policies and increase the popularity of digital inclusive finance;secondly,the second is to popularise financial literacy and improve residents’ digital literacy;the third is to implement a differentiated digital financial inclusion strategy to form a regional shared development;the fourth is to improve financial accessibility and expand the scope of financial services.