Research On The Impact Of Family Debt On The Happiness Of Chinese Residents

The article uses the 2013 China Household Finance Survey(CHFS)data to study the impact of household debt on the subjective well-being of Chinese residents using the probit model.Studies have shown that family debt has a significant negative impact on happiness,but the effects of consumption and health are not the same;when households face liquidity constraints,liabilities ease liquidity constraints and promote household consumption and thus improve happiness.But the debt affects the health of the residents and reduces happiness.Research on the breakdown of debt types shows that production and operation liabilities,fixed asset liabilities,education liabilities,financial asset liabilities,credit card liabilities and other liabilities have a significant negative impact on residents’ subjective well-being;research findings on heterogeneity analysis household debt has a stronger negative effect on the subjective well-being of urban residents,low-educated residents,and low-income residents.In addition,the effect of age on happiness is “U-shaped”,female,married,party members,etc.have a positive impact on happiness,the increase in family population and bad health have a negative impact on happiness,and the impact of absolute income and wealth level on residents’ subjective well-being is “inverted U-shaped”,while relative income has a bearing on residents’ subjective well-being.