Credit Availability and Consumer Investments in Risky Financial Assets: Mobile Payments, Financial Education and Financial Satisfaction as Mediators

Holding risky financial assets is conducive for improving wealth and financial welfare of investors, but the current participation rate in China's risky financial market still needs to be enhanced. Utilizing the data surveyed by the National Financial Capability Study in 2009, 2012, 2015, and 2018, this study constructs variable of consumer investments in risky financial assets (IRFA) based on whether they invest in risky financial assets such as stocks and bonds, to investigate the impacts of credit availability on IRFA. Moreover, the mediating roles of mobile payments, financial education, and financial satisfaction are also explored. The results show that credit availability positively contributes to consumer IRFA. In addition, mobile payments, financial education, and financial satisfaction mediate the nexus between credit availability and consumer IRFA. The findings of this study are informative for policymakers and financial institutions when improving holding risky financial assets and enhancing consumer financial wellbeing.