Can the Development of Digital Finance Improve the Financial Asset Allocation Efficiency of Middle Class Households?

Abstract

With the development of economy, the middle class families have become the backbone of the society, and efficient family financial asset allocation is undoubtedly of great significance for their realization of wealth creation, preservation and transmission. Based on the CHFS database, this paper empirically examines the impact of digital finance development on the efficiency of financial asset allocation of middle class households and the transmission path. It is found that the development of digital finance can significantly improve the financial asset allocation efficiency of middle class families mainly through promoting social interaction, improving financial literacy and increasing risk appetite.