Research on the Impact of Digital Financial Literacy on Consumption Inequality
Promoting consumption equity is an important component of enhancing people’s well-being and promoting common prosperity. Digital financial literacy, as a key factor influencing individual consumption decisions and financial behavior, plays an important role in the formation and evolution of consumption inequality. Accordingly, this paper uses data from the 2019 China Household Finance Survey (CHFS) to explore the impact of individual digital financial literacy on consumption inequality. The results show that improving digital financial literacy can effectively alleviate consumption inequality, and this conclusion remains robust after a series of tests. Moreover, the alleviating effect of digital financial literacy on consumption inequality is more pronounced among the elderly, male, married, less-educated groups, and low-income households. At the regional level, digital financial literacy has a stronger alleviating effect on consumption inequality among households in rural areas and the central and western regions. Based on the findings, this paper argues that to further alleviate individual consumption inequality, great attention should be paid to improving individual digital financial literacy.
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