Open AccessAn Empirical Analysis of the Influence of Financial Literacy on Family Cultural Consumption – Based on the Data from CFPS
Author(s) -
Yanhong Gong,
Ziwen Song
Publication year - 2021
Publication title -
proceedings of business and economic studies
Language(s) - English
Resource type - Journals
eISSN - 2209-265X
pISSN - 2209-2641
DOI - 10.26689/pbes.v4i6.2828
Subject(s) - financial literacy , consumption (sociology) , tobit model , literacy , quality (philosophy) , family income , panel data , demographic economics , business , economics , finance , economic growth , sociology , social science , philosophy , epistemology , econometrics
Based on the data from Chinese Family Panel Studies (CFPS), this study uses the Tobit model to empirically analyze the influence of financial literacy on family cultural consumption. This study found that the average financial literacy level of Chinese residents is still relatively low. The improvement of their financial literacy would help enhance the household cultural consumption expenditure. From this study, it is recommended that there should be an improvement in the cultural consumption of Chinese families and their quality of life by targeting financial education, raising the income level of residents, and stimulating the residents’ cultural consumption willingness.