The Impact Of Digital Finance On Household Asset Allocation Satisfaction

In recent years,with the rapid growth of China’s economy,the disposable income of households has been continuously improved,and the demand for ordinary families to participate in financial management has also been further improved.In the context that the traditional financial market is difficult to meet the growing demand of households to participate in the financial market,digital finance has emerged.The emergence of digital finance alleviates the problem of information mismatch between households and financial institutions,breaks the spatial limitations of traditional finance,provides more financial services and products to families with lower operating costs and service costs,and provides feasible solutions for families to optimize asset allocation and improve family asset allocation satisfaction.Therefore,studying the impact of digital finance on the satisfaction of household financial asset allocation is conducive to the efficient allocation of household assets by households using digital finance and realizing the preservation and appreciation of household wealth.This paper uses the 2019 China Household Finance Questionnaire to construct an OLS benchmark regression model and a moderating effect model,focusing on verifying two experimental hypotheses: the use of digital finance can improve households’ satisfaction with asset allocation,and has different effects on household investment level,economic expectations,social interaction and happiness perception.In this paper,the second-order least squares method and the propensity score matching method are used to eliminate endogeneity,and the robustness of the experimental results is tested by three methods: substitution explanatory variables,data tailing processing and substitution regression model,and the results under regional heterogeneity,urban-rural heterogeneity and age heterogeneity are further explored.The results show that: first,the use of digital finance can significantly improve the satisfaction of households’ asset allocation;Second,the investment level and social interaction of households weaken the positive process of digital finance to improve household asset allocation satisfaction,while economic expectations and happiness perception strengthen this positive process.Third,for households in the western and northeastern regions,families in urban areas and young and middle-aged families,the use of digital finance has a better effect on improving the satisfaction of households with asset allocation.Through theoretical analysis and empirical analysis,this paper concludes that(1)the use of digital finance can significantly improve the satisfaction of household asset allocation;(2)Through the test of moderating effect,it is found that the level of household decentralized investment and family social interaction weakens the positive process of digital finance to improve household asset allocation satisfaction;Families’ expectations of the future economy and family happiness strengthen the positive process of digital finance to improve household asset allocation satisfaction.(3)There is heterogeneity in the process of digital finance in improving the satisfaction of household financial asset allocation,and for families in western and northeastern regions,families in urban areas and young and middle-aged families,digital finance has a better effect on promoting families to improve family asset allocation satisfaction.Based on the above conclusions,this paper puts forward the following policy recommendations:(1)Accelerate the construction of network infrastructure,alleviate financial exclusion in remote areas,and promote the coordinated development of balanced digital inclusive finance;(2)Encourage financial institutions to use digital finance for financial innovation;(3)Optimize the social interaction function of digital finance;(4)Encourage residents to participate in digital finance and strengthen the popularization of basic financial knowledge;(5)Improve basic livelihood security and public services,and improve residents’ happiness;(6)Strengthen the supervision of digital financial activities.