金融素养与中国家庭金融脆弱性

Financial Literacy and Household Financial Fragility

家庭金融脆弱性不仅反映了家庭金融风险,更重要的是家庭应对风险冲击的能力,而金融素养则反映了家庭对金融行业的综合认知,是影响家庭金融脆弱性的重要因素。使用2014年中国家庭追踪调查(CFPS)数据,构建包含金融知识水平、风险防范意识以及投资经验在内的家庭金融素养指标以及家庭金融脆弱性指标,分析金融素养对家庭金融脆弱性的影响。研究结果表明:我国家庭金融脆弱性普遍存在且脆弱性程度较高,71.43%的家庭具有较为明显的金融脆弱性;金融素养可以显著降低家庭金融脆弱性程度,提高应对风险冲击的能力,尤其是家庭持有商业保险和具有投资经验的作用大于仅掌握金融知识的作用。此外,进一步的异质性分析结果表明:金融知识水平对低教育水平的家庭金融脆弱性的降低作用最显著,商业保险对中等收入家庭金融脆弱性的降低作用最显著。这些研究结论可以为我国普惠金融教育的制度设计提供立论依据。

Household financial fragility not only reflects the household financial risk,but more importantly,the household’s ability to cope with the risk impact,while financial literacy reflects the household’s comprehensive cognition of the financial industry,which is an important factor affecting household financial fragility.This paper constructs indicators of household financial literacy and household financial fragility including financial knowledge inventory,risk prevention awareness and investment experience,and analyzes the impact of financial literacy on the overall and heterogeneity of household financial fragility in China.The results show that the household financial fragility in China is widespread and relatively high,with 71.43%of households having obvious financial fragility.Financial literacy can significantly reduce the financial fragility of families and improve their ability to cope with risks.In particular,the role of holding commercial insurance and investment experience is greater than that of only financial theoretical knowledge inventory.In addition,further heterogeneity results show that financial knowledge level has the most significant effect on reducing financial fragility of families with low education level,and commercial insurance has the most significant effect on reducing financial fragility of middle-income families.This study can provide theoretical basis for the system design of inclusive financial education in China.