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The impact of digital finance on household financial vulnerability: Evidence from China

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  • Zhang, Xinyi
  • Zhang, Yizhou

Abstract

Digital finance has profoundly altered household financial vulnerability by reshaping the channels and capabilities of household financial resource allocation and access through digital means. Using China Family Panel Studies and Digital Inclusive Finance Index data spanning 2012 to 2022, we find digital finance alleviates household financial vulnerability via wealth enhancement on assets and liquidity constraint relief on liabilities. This finding provides a new perspective on changes in household financial decision-making in the context of digital finance development, offering insights for more effectively utilizing digital financial tools to reduce household financial vulnerability and for informing policy improvements.

Suggested Citation

  • Zhang, Xinyi & Zhang, Yizhou, 2026. "The impact of digital finance on household financial vulnerability: Evidence from China," Finance Research Letters, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finlet:v:91:y:2026:i:c:s1544612326000437
    DOI: 10.1016/j.frl.2026.109512
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