FinTech adoption and farmers’ wealth distribution: Evidence from a large micro-data in China

• The effects of FinTech adoption on farmers’ wealth distribution. • FinTech adoption significantly impacts wealth distribution in eastern regions and households with higher income levels. • FinTech adoption significantly impacts wealth distribution in households with lower education levels, holding liquid assets, and lower financial literacy. • FinTech adoption can promote farmers’ wealth accumulation and alleviate wealth inequality via credit availability, information attention, and asset allocation. This study reveals the theoretical mechanism of FinTech adoption in farmers’ wealth distribution, and examines the impact of FinTech adoption on farmers’ wealth distribution. Results show that: In theory, Fintech adoption significantly contributes to farmers’ wealth accumulation and mitigates wealth inequality. FinTech adoption significantly impacts wealth distribution in eastern regions and households with higher income levels. It is also beneficial for optimizing wealth distribution in households with lower education levels, holding liquid assets, and lower financial literacy. FinTech adoption can promote farmers’ wealth accumulation and alleviate wealth inequality via credit availability, information attention, and asset allocation.