教育与居民金融知识水平——来自中国家庭金融调查数据的证据

Education and Financial Literacy:Evidence from China Household Finance Survey

中文关键词:  金融知识  受教育水平  认知能力  社会资本积累  家庭金融

英文关键词:financial literacy  education level  cognitive ability  social capital accumulation  household finance

中文摘要:

      金融的不断发展与金融产品的日益复杂对居民的金融知识水平提出了更高的要求,因此如何提高居民的金融知识水平也愈发重要。基于2017年中国家庭调查数据(CHFS),以我国义务教育法实施的自然实验作为工具变量,探讨了受教育水平对居民金融知识水平的因果效应。研究发现,受教育年限的提高可以显著提升居民的金融知识水平,并且这种影响在不同的人群中具有异质性。进一步研究发现,受教育水平的提高可以通过提升认知能力以及促进个体的社会资本积累两个渠道提升居民的金融知识水平。因此,建议提高现有教育资源的质量与覆盖率, 增加基础教育投资,推进义务教育向优质均衡发展,从而有助于增加居民的金融知识水平。上述举措对短期内无法广泛开设金融教育课程的发展中国家具有重要的借鉴意义。

英文摘要:

      The continuous development of finance and the increasing complexity of financial products have a higher requirement for household financial literacy, so how to improve the household financial literacy becomes more and more important. Based on the data of China Household Finance Survey (CHFS) in 2017, this paper explores the causal effect of education on household financial literacy, using the natural experiment of the implementation of China's Compulsory Education Law as an instrumental variable. The research finds that the improvement of education can significantly improve the household financial literacy, and such influence is heterogeneous among different groups. Further research finds that the improvement of education can improve the household financial literacy through improving cognitive ability and promoting the accumulation of individual social capital. Therefore, it is suggested to improve the quality and coverage of existing educational resources, increase the investment in fundamental education, and promote the high-quality balanced development of compulsory education, which will help to increase the household financial literacy. The above-mentioned measures are of great significance and reference for developing countries that are unable to widely carry out the financial education courses in the short term. 