Can digital finance promote the happiness of residents?Evidence from China

Using the data from the China’s Digital Inclusive Finance Index and the China Household Finance Survey, this paper analyzes the relation between digital finance and happiness of residents. We find that digital finance can significantly increase the probability of happiness and the degree of happiness. We also find that digital finance can significantly increase the probability of being very happy, as well as making residents living in town areas and non-risk appetites happier. We expand the evidence for the inclusive role of digital finance.