Research On The Impact Of Financial Knowledge On Rural Residents' Income Growt

In recent years,with the continuous improvement and enrichment of financial products and markets,the research on financial knowledge and income growth has gradually attracted the attention of scholars.However,the research on rural residents is relatively limited.In the context of rural revitalization,exploring the restrictive factors of rural residents’ income growth and promoting rural residents to improve their income level are the key to solving the problems of agriculture,rural areas and farmers and the key to implementing the rural revitalization strategy.As an integral part of rural residents’ human capital,the improvement of financial knowledge level is conducive to stimulating the internal motivation of rural residents’ income growth and improving their economic and financial welfare.Taking rural residents as the research object,this paper deeply studies the impact of rural residents’ financial knowledge on their income growth and the impact path.Firstly,this article analyzes the current situation,sorts out the literature research status related to financial knowledge and rural residents’ income growth,clarifies the concept of the two,clarifies the internal logical relationship between the two,and then uses factor analysis to measure and standardize financial knowledge,presenting in detail the current situation of financial knowledge and income level of rural residents in China,Analyze and propose the constraints on the growth of financial knowledge and income of rural residents.Secondly,by sorting out the impact mechanism,this article further explores the impact and path of financial knowledge on the income growth of rural residents.The impact is specifically reflected in the impact of financial knowledge on the four components of rural residents’ income,and the impact path focuses on the entrepreneurial behavior path and financial asset allocation behavior path.Thirdly,based on the theoretical analysis,this paper conducts an empirical study,using the logarithmic model,tobit model,logit model and mesomeric effect model to test the impact of financial knowledge on the income growth of rural residents and the impact path.It tests robustness by changing the measurement method of core variables,and analyzes the heterogeneity of rural residents’ education status and marital status.The results showed that:(1)Financial knowledge significantly promoted the growth of total income and four part structural income of rural residents,with the greatest impact on property income,followed by wage income,and the smaller impact on operational and transfer income.(2)Rural residents’ entrepreneurial behavior and financial asset allocation behavior have significant mesomeric effect in the process of financial knowledge affecting their income growth.Finally,in view of the above research conclusions,we put forward policy recommendations: improve the financial knowledge education system,deepen the popularization of rural financial knowledge,expand the financial availability of rural residents,innovate the rural financial service system,strengthen entrepreneurship support in rural areas,and guide the rational allocation of financial assets.