Abstract Based on the China General Social Survey (CGSS) data, this paper examines the impact of digital inclusive finance on residents’ subjective well-being and explores its mechanism of action. The empirical results show that the development of digital inclusive finance significantly enhances residents’ happiness, in which the digital inclusive finance coverage breadth index, usage depth index and the degree of digital support services all have a relatively significant positive impact on residents’ subjective well-being. These findings still hold significantly after a series of robustness tests. Further heterogeneous analysis shows that compared with high-income groups (central and eastern regions, urban areas, males, high education level), digital inclusive financial development plays a relatively greater role in improving the subjective well-being of low-and middle-income groups (western remote areas, rural areas, females, low education level). Digital inclusive finance can improve residents’ subjective well-being by alleviating the pressure of life (reflected in economic pressure and institutional exclusion pressure). Therefore,it is of great practical significance to enhance the well-being of residents, which will help the government to further improve the digital inclusive financial system.
2022, Vol. 39 
