The role of digital financial inclusion in increasing fertility intentions: evidence from China

ABSTRACT Digital financial inclusion is essential for promoting regional development, but its impact on demographic change requires further investigation. Using data from the Chinese General Social Survey (CGSS) between 2012 and 2017, this study provides empirical evidence on how the growth of digital financial inclusion affects fertility intentions in China. The results indicate that a one percent increase in the provincial-level digital financial inclusion index is associated with a 0.136% increase in fertility intentions. These findings hold across different components of digital financial inclusion and are robust to instrumental variable approaches. Moreover, the study shows that the expansion of digital financial inclusion has a more significant effect on households in low-income groups, central and western regions of China, and women with low educational attainment. These results underscore the importance of digital financial inclusion in addressing population declines worldwide.

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