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The development of digital inclusive finance and rural residents’ subjective well-being

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  • Shen, Lihao
  • Li, Zhengrong
  • Wang, Shuo

Abstract

This paper examines the impact of digital inclusive finance (DIF) on the subjective well-being (SWB) of rural residents, using 2010–2022 China Family Panel Studies (CFPS) data and the Peking University Digital Financial Inclusion Index of China. We find that DIF significantly enhances the SWB of rural residents, a result that remains robust after accounting for a comprehensive set of individual, household, and regional covariates and addressing endogeneity. The analysis reveals two primary channels for this effect: improving job satisfaction and raising economic benefits. The positive effect is more pronounced among low-income groups and less-educated residents, highlighting DIF’s role in alleviating financial exclusion and promoting social equity. This study provides micro-level evidence of digital finance’s role in rural revitalization and public well-being.

Suggested Citation

  • Shen, Lihao & Li, Zhengrong & Wang, Shuo, 2025. "The development of digital inclusive finance and rural residents’ subjective well-being," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325017842
    DOI: 10.1016/j.frl.2025.108530
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