Can the accumulation of household financial assets and consumption upgrading enhance residents' subjective well-being?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI:10.1016/j.frl.2026.109498

Hongzhou Yuan , Jianye Liang

引用次数: 0

Abstract

This paper employs data from the 2018, 2020, and 2022 China Family Panel Studies (CFPS) to examine the impact of household financial asset accumulation and consumption upgrading on residents' subjective well-being. The research findings are as follows: First, household financial asset accumulation significantly enhances residents' subjective well-being; second, consumption upgrading significantly increases residents' subjective well-being; third, consumption upgrading serves as a mediating factor in the relationship between household financial asset accumulation and residents' subjective well-being; fourth, the impact of household financial asset accumulation on residents' subjective well-being demonstrates heterogeneity between urban and rural residents; fifth, the effect of consumption upgrading on residents' subjective well-being also differs between urban and rural residents.

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家庭金融资产积累和消费升级能否提升居民主观幸福感？

本文采用2018年、2020年和2022年中国家庭面板研究（CFPS）数据，考察家庭金融资产积累和消费升级对居民主观幸福感的影响。研究发现：第一，家庭金融资产积累显著提升居民主观幸福感；二是消费升级显著提升居民主观幸福感；第三，消费升级在居民金融资产积累与居民主观幸福感的关系中起中介作用；第四，家庭金融资产积累对居民主观幸福感的影响在城乡居民中呈现异质性；第五，消费升级对居民主观幸福感的影响在城乡居民中也存在差异。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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