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Digital infrastructure, risky financial investment, and household wealth

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  • Wang, Lina
  • Zhang, Haiyang

Abstract

Digital infrastructure improves the information environment, and reshapes the financial ecosystem, thereby creating conditions conducive to household wealth accumulation. Exploiting the “Broadband China” policy as a quasi-natural experiment, this study examines its impact on household wealth using a multi-period panel from the nationally representative China Household Finance Survey (2013–2019) and a staggered difference-in-differences design. The results show that digital infrastructure development significantly increases household wealth. Mechanism analyses indicate that the policy promotes wealth growth by improving investment accessibility and enhancing financial literacy. Additional evidence suggests that the policy induces a reallocation toward riskier assets, accelerating the accumulation of financial wealth. Together, these findings illuminate how digital infrastructure improves the allocation of risky financial assets and fosters household wealth accumulation.

Suggested Citation

  • Wang, Lina & Zhang, Haiyang, 2026. "Digital infrastructure, risky financial investment, and household wealth," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325022524
    DOI: 10.1016/j.frl.2025.108999
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    Keywords

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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