A Study on the Impact of Digital Financial Literacy on Family Wealth Accumulation - Evidence from China

This study is based on the 2017 and 2019 China Household Finance Survey (CHFS) data and investigates the effect of digital financial literacy on household wealth growth.The study finds that: First, digital financial literacy significantly increases household total wealth and net wealth, with its impact being more pronounced on net wealth.Second, mechanism analysis indicates that digital financial literacy drives wealth growth via two channels: enhancing financial asset allocation efficiency and increasing pension financial participation.Third, heterogeneity analysis indicates that households with higher levels of education derive greater benefits from digital financial literacy.The study provides policy implications for promoting household wealth accumulation and alleviating wealth inequality by improving digital financial literacy.