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Digital Financial Inclusion, Household Financial Participation and Well-Being: Micro-Evidence from China

Du, Qunyang; Zhou, Fangxing; Yang, Tianle; Du, Min


Qunyang Du

Fangxing Zhou

Tianle Yang


Though financial inclusion has drawn a lot of attention lately, especially in emerging markets, it remains unclear how it affects household well-being. This study investigates the connection between digital financial inclusion (DFI) and household well-being using two databases in China. The findings suggest that DFI is positively associated with household well-being. Mechanism analysis reveals that a rise in DFI facilitates household financial participation, thereby increasing the probability of household well-being. Our further empirical analysis demonstrates that groups with lower education and income levels are more significantly affected by DFI regarding household well-being. Overall, the research provides empirical evidence for the assertion that expanding financial inclusion in the digital economy era can promote social fairness and provide a basis for a vigorous expansion of financial inclusion in emerging economies.

Journal Article Type Article
Acceptance Date Nov 22, 2022
Online Publication Date Dec 19, 2022
Publication Date 2023
Deposit Date Dec 20, 2022
Publicly Available Date Jun 20, 2024
Print ISSN 1540-496X
Electronic ISSN 1558-0938
Publisher Routledge
Peer Reviewed Peer Reviewed
Volume 59
Issue 6
Keywords Digital financial inclusion, household well-being, household financial participation
Public URL


Digital Financial Inclusion, Household Financial Participation And Well-Being: Micro-Evidence From China (accepted version) (474 Kb)

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