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Digital inclusive finance, spatial inequality, and household education investment

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  • Man, Guo
  • Haiyan, Yang

Abstract

Using six waves of China Family Panel Studies data spanning 2012–2022 and the Peking University Digital Inclusive Finance Index, this study examines how digital inclusive finance (DIF) affects household education investment using a spatial inequality framework. Results demonstrate that DIF significantly promotes household education investment. Mechanism analysis reveals that the urban–rural income gap is a significant transmission channel wherein DIF reduces regional income disparities, enabling households to allocate more resources to education. Spatial heterogeneity tests further indicate that this effect is markedly stronger in areas northwest of the Hu Huanyong Line, where traditional financial services are less accessible, and among households without land compensation, with larger families, and with higher trust in local governments. These findings provide new microlevel evidence on how DIF reshapes human capital investment under conditions of spatial and institutional inequality, with useful implications for promoting inclusive growth.

Suggested Citation

  • Man, Guo & Haiyan, Yang, 2026. "Digital inclusive finance, spatial inequality, and household education investment," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612325026662
    DOI: 10.1016/j.frl.2025.109417
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