Digital Finance and Household Financial Asset Allocation: An Empirical Study Based on CHFS Data

Research Article
Open access

Digital Finance and Household Financial Asset Allocation: An Empirical Study Based on CHFS Data

Zixu Qiao 1*
  • 1 Beijing Technology and Business University    
  • *corresponding author 2558958479@qq.com
AEMPS Vol.189
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-80590-179-2
ISBN (Online): 978-1-80590-180-8

Abstract

In the current developmental context, the world is entering an era of digitization and informatization, and digital finance is rapidly developing in China. This paper uses data from the 2019 China Household Finance Survey (CHFS) to empirically examine the impact of digital finance on household financial asset allocation. The findings reveal that the development of digital finance significantly increases the likelihood of household participation in financial markets. Further analysis of the mechanisms indicates that digital finance enhances household financial literacy, thereby raising the probability of their engagement in financial markets. This effect is particularly pronounced among rural households and low-income families.

Keywords:

Digital finance, household financial asset allocation, financial market participation, financial literacy

Qiao,Z. (2025). Digital Finance and Household Financial Asset Allocation: An Empirical Study Based on CHFS Data. Advances in Economics, Management and Political Sciences,189,28-39.
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References

[1]. An, Q., & Bai, L. (2022). Digital financial development and household financial asset allocation: An empirical study based on CHFS (2019) survey data. Economic Issues, (10), 51–60. https://doi.org/10.16011/j.cnki.jjwt.2022.10.015

[2]. Zhao, Y., & Wang, X. (2022). Digital finance, household relative income, and vulnerability: A discussion on the impact of the multidimensional "gap." Financial Research, (10), 77–97.

[3]. Yin, Z., Wu, Z., & Jiang, J. (2022). The impact of mobile payment on household savings rates in China. Financial Research, (09), 57–74.

[4]. Wang, X., Li, X., Song, M., & Ma, X. (2024). Digital finance, the digital divide, and the effectiveness of household financial asset portfolios: An analysis from the perspective of urban-rural differences. Contemporary Economic Science, 46(02), 45–58. https://doi.org/10.20069/j.cnki.DJKX.202402004

[5]. Wu, W., Zhang, X., & Wu, K. (2019). The impact of financial literacy on household debt behavior: An analysis based on household loan heterogeneity. Research on Financial Issues, (05), 57–65. https://doi.org/10.19654/j.cnki.cjwtyj.2019.05.008

[6]. Li, R., Chen, P., & Yin, Y. (2024). Digital literacy and household financial asset allocation. Systems Engineering Theory and Practice, 1–22. http://kns.cnki.net/kcms/detail/11.2267.N.20240131.1827.002.html

[7]. Jiang, T., Dong, B., & Zhang, Y. (2019). Asset allocation and consumption behavior of urban household in China: Theory and evidence. Financial Research, (11), 133–152.

[8]. Wu, W., Wu, K., & Zhang, X. (2018). Financial literacy and the effectiveness of household asset portfolios. International Financial Research, (05), 66–75. https://doi.org/10.16475/j.cnki.1006-1029.2018.05.008

[9]. Yin, Z., Song, Q., & Wu, Y. (2014). Financial knowledge, investment experience, and household asset choices. Economic Research, 49(04), 62–75.

[10]. Gao, Z., & Zhang, X. (2023). Digital finance and rural household vulnerability to poverty: A study based on CHFS data. Journal of Xinjiang University (Philosophy and Social Science Edition), 51(01), 1–10. https://doi.org/10.13568/j.cnki.issn1000-2820.2023.01.001

Cite this article

Qiao,Z. (2025). Digital Finance and Household Financial Asset Allocation: An Empirical Study Based on CHFS Data. Advances in Economics, Management and Political Sciences,189,28-39.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: The 3rd International Conference on Management Research and Economic Development

ISBN：978-1-80590-179-2(Print) / 978-1-80590-180-8(Online)
Editor：Canh Thien Dang
Conference website: https://2025.icmred.org/
Conference date: 30 May 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.189
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. An, Q., & Bai, L. (2022). Digital financial development and household financial asset allocation: An empirical study based on CHFS (2019) survey data. Economic Issues, (10), 51–60. https://doi.org/10.16011/j.cnki.jjwt.2022.10.015

[2]. Zhao, Y., & Wang, X. (2022). Digital finance, household relative income, and vulnerability: A discussion on the impact of the multidimensional "gap." Financial Research, (10), 77–97.

[3]. Yin, Z., Wu, Z., & Jiang, J. (2022). The impact of mobile payment on household savings rates in China. Financial Research, (09), 57–74.

[4]. Wang, X., Li, X., Song, M., & Ma, X. (2024). Digital finance, the digital divide, and the effectiveness of household financial asset portfolios: An analysis from the perspective of urban-rural differences. Contemporary Economic Science, 46(02), 45–58. https://doi.org/10.20069/j.cnki.DJKX.202402004

[5]. Wu, W., Zhang, X., & Wu, K. (2019). The impact of financial literacy on household debt behavior: An analysis based on household loan heterogeneity. Research on Financial Issues, (05), 57–65. https://doi.org/10.19654/j.cnki.cjwtyj.2019.05.008

[6]. Li, R., Chen, P., & Yin, Y. (2024). Digital literacy and household financial asset allocation. Systems Engineering Theory and Practice, 1–22. http://kns.cnki.net/kcms/detail/11.2267.N.20240131.1827.002.html

[7]. Jiang, T., Dong, B., & Zhang, Y. (2019). Asset allocation and consumption behavior of urban household in China: Theory and evidence. Financial Research, (11), 133–152.

[8]. Wu, W., Wu, K., & Zhang, X. (2018). Financial literacy and the effectiveness of household asset portfolios. International Financial Research, (05), 66–75. https://doi.org/10.16475/j.cnki.1006-1029.2018.05.008

[9]. Yin, Z., Song, Q., & Wu, Y. (2014). Financial knowledge, investment experience, and household asset choices. Economic Research, 49(04), 62–75.

[10]. Gao, Z., & Zhang, X. (2023). Digital finance and rural household vulnerability to poverty: A study based on CHFS data. Journal of Xinjiang University (Philosophy and Social Science Edition), 51(01), 1–10. https://doi.org/10.13568/j.cnki.issn1000-2820.2023.01.001

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