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Can the accumulation of household financial assets and consumption upgrading enhance residents' subjective well-being?

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  • Yuan, Hongzhou
  • Liang, Jianye

Abstract

This paper employs data from the 2018, 2020, and 2022 China Family Panel Studies (CFPS) to examine the impact of household financial asset accumulation and consumption upgrading on residents' subjective well-being. The research findings are as follows: First, household financial asset accumulation significantly enhances residents' subjective well-being; second, consumption upgrading significantly increases residents' subjective well-being; third, consumption upgrading serves as a mediating factor in the relationship between household financial asset accumulation and residents' subjective well-being; fourth, the impact of household financial asset accumulation on residents' subjective well-being demonstrates heterogeneity between urban and rural residents; fifth, the effect of consumption upgrading on residents' subjective well-being also differs between urban and rural residents.

Suggested Citation

  • Yuan, Hongzhou & Liang, Jianye, 2026. "Can the accumulation of household financial assets and consumption upgrading enhance residents' subjective well-being?," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612326000292
    DOI: 10.1016/j.frl.2026.109498
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