The impact of digital finance on households’ financial literacy

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-10-02 DOI:10.1016/j.eap.2025.10.009

Dongsong Cai , Junhao Kou , Yao He

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Abstract

We construct a dynamic general equilibrium model with endogenous financial literacy accumulation to investigate the impact of digital finance on households' financial literacy. The model predicts that digital finance is able to raise households' financial literacy through the channels of learning-by-doing (LBD) and human capital externality (HCE). Then, we employ data from the 2017 and 2019 China Household Finance Survey (CHFS) to empirically test the impact of digital finance on household’s financial literacy. The empirical results show that digital financial usage (DFU) can raise household’s financial literacy level through the LBD channel, and the effect is stronger on the households with young and old and high educated household head, and on low income and low asset households. Furthermore, digital financial inclusion index (DFII) can increase household’s financial literacy through the HCE channel, and the effect is stronger on the households who use digital financial services and products. This paper extends the literatures that study the impact of digital finance on household economic behavior.

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数字金融对家庭金融素养的影响

本文构建了一个具有内生金融素养积累的动态一般均衡模型，考察数字金融对家庭金融素养的影响。该模型预测，数字金融能够通过边做边学（LBD）和人力资本外部性（HCE）渠道提高家庭的金融素养。然后，我们利用2017年和2019年中国家庭金融调查（CHFS）的数据，实证检验数字金融对家庭金融素养的影响。实证结果表明，数字金融使用（DFU）可以通过LBD渠道提高家庭的金融素养水平，且对户主文化程度较高的老老少少家庭、低收入低资产家庭的影响更大。此外，数字普惠金融指数（DFII）可以通过HCE渠道提高家庭的金融素养，并且对使用数字金融服务和产品的家庭的影响更大。本文扩展了研究数字金融对家庭经济行为影响的文献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.