金融素养如何影响居民消费?

How does Financial Literacy Affect Household Consumption?

利用2014年中国家庭追踪调查数据(CFPS),考察金融素养对中国居民消费的影响及其作用机制。研究发现:金融素养与居民消费总量和消费结构优化正相关;当把金融素养分为初级金融素养和高级金融素养时,初级金融素养仅对居民消费总量存在促进作用,而高级金融素养对居民消费总量和消费结构优化均具有显著正面影响;“互联网使用”和“信息交互”是金融素养提升推动居民消费结构优化的两条重要渠道。因此,应精准化实施金融教育以全面提高全民金融素养,促进消费扩容。同时,加快信息基础设施建设、注重理性消费理念的示范与引导,以充分发挥信息影响消费升级的渠道作用。

Using the data of 2014 Chinese Household Tracking Survey(CFPS),this paper examines the impact of residents’financial literacy on the aggregate and structure of Chinese household consumption from a micro perspective,and explores the mechanism of the impact.It is found that financial literacy is positively correlated with total consumption and consumption structure optimization.When financial literacy is divided into basic financial literacy and advanced financial literacy,basic financial literacy has a significant role in promoting the total consumption of residents,but has a limited influence on the optimization of consumption structure.Advanced financial literacy has a significant effect on the optimization of the total consumption and consumption structure of residents.“Internet use”and“information interaction”are two possible channels for financial literacy to promote the optimization and upgrading of residents’consumption structure.Therefore,financial education should be precisely implemented to comprehensively improve the financial literacy of the whole people.At the same time,we should accelerate the development of information infrastructure,and pay attention to the demonstration and guidance of rational consumption concept,in order to give full play to the channel effect of information on consumption.