金融素养如何影响家庭消费？

摘要基于2014年和2018年中国家庭追踪调查(CFPS)数据库,采用普通最小二乘模型和中介效应模型探究金融素养对家庭消费的影响及作用机制。主要研究结论如下:金融素养提升能够促进家庭消费,该结论经过内生性处理和稳健性检验后依然成立;分维度检验结果显示,金融素养既能促进生存型消费,也能促进发展与享受型消费,进而推动消费结构升级,然而,基础金融素养的消费促进效应显著,而高级金融素养的消费促进效应却不显著;机制检验结果表明,金融素养主要通过缓解家庭面临的流动性约束、降低家庭不确定性和引导家庭制定长期财务规划三个渠道对居民消费产生积极影响;异质性检验结果显示,金融素养对家庭消费的影响在城乡、性别、年龄和不同收入阶层之间存在差异性,金融素养对城市中的女性、60岁以下及中等收入群体家庭的消费促进效应更为明显。研究的政策启示在于,应大力提升居民金融素养以全面释放消费潜力。

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	王志立
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关键词：金融素养家庭消费流动性约束不确定性长期财务规划

Abstract： Based on the China Family Panel Studies (CFPS) databases in 2014 and 2018, this study employs ordinary least squares (OLS) and mediation effect models to examine the impact of financial literacy on household consumption and its underlying mechanisms. This study yields the following main findings: First, improved financial literacy promotes household consumption, and this positive effect survives rigorous tests for endogeneity and robustness. Second, dimensional analysis reveals that financial literacy not only boosts survival-oriented consumption but also facilitates development-and enjoyment-oriented consumption, thereby promoting the upgrading of consumption structure. However, while basic financial literacy shows a significant consumption-promoting effect, advanced financial literacy does not exhibit a statistically significant effect. Third, mechanism tests indicate that financial literacy positively influences household consumption primarily through three channels: alleviating liquidity constraints faced by households, reducing household uncertainty and guiding households to formulate longterm financial plans. Fourth, heterogeneity tests demonstrate that the impact of financial literacy on household consumption is asymmetric across urban and rural areas, genders, age groups and income strata. The consumption-promoting effect of financial literacy is more pronounced among women in urban areas, households with members under 60 years old and middle-income groups.The policy implication of the study lies in cultivating residents’ financial literacy to fully unleash consumption potential.

Keywords： Financial Literacy Household Consumption Liquidity Constraints Uncertainty Long-term Financial Planning

收稿日期 2024-12-05; 接受日期 ;

基金资助:国家社会科学基金后期资助项目(20FGLB013);国家社会科学基金青年项目(25CJY144);河南省哲学社会科学规划青年项目(2024CJJ207);河南省软科学研究项目(252400411066)

通讯作者 王海燕(1992— ),男,河南兰考人,博士,讲师,主要从事家庭金融研究

作者简介: 王志立(1971— ),男,河南信阳人,博士,教授,主要从事干部素养与能力研究。

引用本文:

王志立, 王海燕.金融素养如何影响家庭消费？[J]. 经济经纬, 2026,1: 118-132

WANG Zhili, WANG Haiyan.How Does Financial Literacy Affect Household Consumption?[J] Economic Survey, 2026,V43(1): 118-132

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2026/V43/I1/118

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