A Study On Factors Influencing Household Financial Exclusion In China:Evidence Based On CFPS Data

Financial exclusion remains a serious problem in China.Whether in the town or in the countryside,some residents and families are always unable to obtain the appropriate financial services freely and rationally due to the influence of internal or external factors.There is the problem of financial exclusion hinder the development of finance,which greatly restricts the build inclusive financial sectors.Systematic study and solving of financial exclusion are of great practical significance for promoting financial and economic development.In recent years,scholars at home and abroad discussed it in depth for study on financial exclusion problems.Especially in the cause of financial exclusion,it attracted the great interest of economists.In the existing papers,more than starting from a macro perspective,few discussed financial exclusion from the micro-level impact mechanism such as individual personality characteristics.This paper analyzes the family financial decision-making behavior from the social demographic characteristics of the family and the characteristics of economic wealth,and introduces the personality characteristics of the head of household from the micro-level to explain the impact of financial exclusion.Based on the data of the China Family Panel Studies(CFPS)project implemented by the Institute of Social Science Survey(ISSS),this paper research personality traits' influence on household financial exclusion.Personality traits are classified according to the ?Big Five‘ taxonomy : openness to experience,conscientiousness,extraversion,agreeableness and neuroticism.Controlling the characteristics of socio-demographic and wealth income characteristics,the article find that certain personality traits such as extraversion are generally significantly associated with household financial exclusion.There are different effects about each factor's influence on the financial exclusion.And then the article research the robustness and endogenous problems form some ways,such as replacing the main explanatory variables and introducing tool variables method.The conclusion of this paper is helpful to understand the influence of personality traits on financial exclusion,which is of reference significance to the construction of inclusive finance and the supply side reform of financial services.