Can Financial Literacy Advance the Common Wealth of Residents?Empirical Study Based on Micro Household Data
In response to the question of whether financial literacy can optimize household income and consumption structure,thereby promoting the common wealth of residents,this article constructs a Common Wealth Index for Residents from both material and spiritual dimensions.Utilizing data from the China Household Finance Survey in 2015,2017,and 2019,the study empirically examines the impact and mechanism of financial literacy on the common wealth of residents in terms of household income structure and consumption structure.The study finds that:financial literacy can significantly enhance the level of common wealth among residents in China.However,the current financial literacy of the majority of residents is relatively low,and the effectiveness of common wealth is mainly reflected in material wealth.The household income structure is an important pathway for financial literacy to promote common wealth,and the household consumption structure plays a transmission role and a masking effect in the development of common wealth driven by financial literacy.The positive impact of financial literacy on the common wealth of urban residents,those in the eastern and western regions of China,and those with higher and secondary education is greater.Therefore,it is essential to pay attention to the current situation of low financial literacy among most Chinese residents and to narrow the gap in individual financial learning and application capabilities.There should be an emphasis on enriching residents'spiritual wealth and adhering to the principle of the rich leading the less rich to promote common wealth on a broader and deeper level.
NETL
NSTL
万方数据
