Study on the impact of the family structure aging on the financial vulnerability of rural households —— Analysis of mediation effects based on digital literacy

The combination of China's aging population and negative population growth exacerbates macroeconomic and financial risks, while the rise of digital finance effectively alleviates the vulnerability of family finance by improving residents' digital literacy. This paper focuses on the micro survey data of about 300 households in six central and western provinces of the Yellow River Basin (Shaanxi, Henan, Shandong, Jin, Gansu and Ning). By constructing binary Logit model and intermediary effect model, it systematically explores the transmission mechanism of population aging on family financial vulnerability and the intermediary role of digital literacy through theoretical reasoning and empirical test. The study found that: first, under the superimposed effect of negative population growth and aging, the proportion of the aging population over 60 years old will increase the occurrence probability of family financial vulnerability by about 6.34%, which is reflected in the dual dilemma of risk resistance against insufficient reserve and financial leverage; second, digital literacy helps the elderly to cross the "digital divide" and alleviate the negative impact of aging on family financial vulnerability. This paper innovatively reveals the pivotal role of digital technology empowerment in the intergenerational redistribution of resources, and provides a "digital literacy-driven" governance path for the construction of rural financial resilience in the aging society.