Li, Peng; Li, Qinghai; Li, Xing
A icle
The in luence o h ee digi al di ide le els on inancial
ad iso demand and engagemen among Chinese
esiden s: An in es iga ion based on China
Jou nal o Inno a ion & Knowledge (JIK)
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Sugges ed Ci a ion: Li, Peng; Li, Qinghai; Li, Xing (2024) : The in luence o h ee digi al di ide le els
on inancial ad iso demand and engagemen among Chinese esiden s: An in es iga ion based on
China, Jou nal o Inno a ion & Knowledge (JIK), ISSN 2444-569X, Else ie , Ams e dam, Vol. 9, Iss. 2,
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The influence o h ee digi al di ide le els on financial ad iso demand
and engagemen among Chinese esiden s: An in es iga ion based on
China
Peng Li
a
, Qinghai Li
b
, Xing Li
c,
*
a
College o Ma hema ics and S a is ics, Shenzhen Uni e si y, Shenzhen 518060, PR China
b
School o Economics, Nanjing Uni e si y o Finance and Economics, Nanjing 210023, PR China
c
School o In e na ional Economics and T ade, Nanjing Uni e si y o Finance and Economics, Add ess: No.3 Wenyuan Road, Xianlin Uni e si y Town, Qixia Dis ic ,
Nanjing, Jiangsu 210023, PR China
ARTICLE INFO
A icle His o y:
Recei ed 19 No embe 2023
Accep ed 28 Ma ch 2024
A ailable online 3 Ap il 2024
ABSTRACT
In he e a o ad ancing digi al ans o ma ion, he impac o he digi al di ide on esiden s’financial beha io
has ga ne ed conside able a en ion, ye he e exis s a gap in unde s anding i s implica ions o financial
ad iso s. Employing he analy ical amewo k o “access gap-usage gap-u ili y gap”and u ilizing a P obi
model wi h sample selec i i y, his pape sys ema ically explo es he impac s, he e ogenei y, and mecha-
nisms o he h ee le els o he digi al di ide on he demand o and engagemen wi h financial ad iso s
among esiden s in six eas e n p o inces o China in 2022. Key findings a e as ollows: (1) The impac o he
access gap isn’ significan ly, whe eas he e ec s o he usage gap and u ili y gap a e significan ly nega i e.
This implies ha esiden s’in e ne usage i sel does no a ec he likelihood o seeking and engaging finan-
cial ad iso s, bu lowe equency and pe cei ed impo ance o in e ne usage dec ease he likelihood o
seeking and engaging financial ad iso s. (2) He e ogenei y analysis e eals ha he inhibi o y e ec s o he
usage gap and u ili y gap a e mo e p onounced in u al households, hose wi h deb , and householde s lack-
ing financial educa ion. (3) Mechanism s udies unco e ha bo h he usage gap and u ili y gap diminish esi-
den s’demand o and engagemen wi h financial ad iso s by weakening social ne wo ks and educing
in o ma ion a en ion. This s udy con ibu es o a deepe unde s anding o he p o ound impac o digi al
ans o ma ion on financial ma ke s, o e ing policy sugges ions and p ac ical guidance o enhance financial
se ices.
© 2024 Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open
access a icle unde he CC BY-NC-ND license (h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Keywo ds:
Digi al di ide
Access gap
Usage gap
U ili y gap
Financial ad iso demand
Financial ad iso engagemen
Chinese esiden s
JEL classifica ion:
D14
G11
O14
In oduc ion
As is well-known, due o ma ke incomple eness and he i a io-
nali y and limi a ions o indi idual cogni ion, indi iduals consis en ly
find hemsel es unable o make a ional financial decisions (Dalen e
al., 2017;Liu & Lu, 2023;Rod igues e al., 2019). Consequen ly, he
majo i y o in es o s hold in es men po olios ha a e insu fi-
cien ly di e sified and a ional, leading o lowe in es men e u ns
and highe in es men isks (Lu e al., 2020;MacDonald e al., 2023).
Nume ous s udies ha e ound ha financial p o essionals, ep e-
sen ed by financial ad iso s, aid indi iduals in a oiding making e o-
neous decisions (Fong & Lee, 2023). In ac , wi h he con inuous
de elopmen o economic le els and he gene al inc ease in weal h
accumula ion, esiden s’financial awa eness is g adually s eng hen-
ing. Consequen ly, he e is a sus ained inc ease in he demand o
financial ad iso s among esiden s in pu sui o financial goals,
weal h app ecia ion, and isk mi iga ion (Liu, 2023). Mo eo e , he
e e -e ol ing na u e o financial ma ke s has inc eased he complex-
i y o in es men decision-making o o dina y in es o s, p omp ing
many o seek pe sonalized financial planning ad ice om p o es-
sional financial ad iso s (Bu ke & F y, 2019;Rod igues e al., 2019).
In sha p con as , he p opo ion o esiden s exp essing demand o
financial ad iso s and ac ually hi ing hem is no pa icula ly high
(Ama al & Kolsa ici, 2020;Liu & Lu, 2023). Consequen ly, unde s and-
ing he ac o s influencing esiden s’beha io ega ding financial
ad iso s has become a c ucial a ea o in es iga ion.
Ea ly esea ch on esiden s’financial beha io p edominan ly
cen e ed on he alloca ion o financial p oduc s, demand o and
engagemen wi h financial o e i emen planning. MacDonald e al.
(2023) conduc ed a comp ehensi e e iew o he li e a u e on he
alue o financial ad ice, e ealing a p edominan ocus on financial
benefi s while lacking a holis ic iew o alue and he ac o s impac -
ing i . In ecen yea s, some schola s ha e shi ed owa d
* Co esponding au ho .
E-mail add ess: [email p o ec ed] (X. Li).
h ps://doi.o g/10.1016/j.jik.2024.100488
2444-569X/© 2024 Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Jou nal o Inno a ion & Knowledge 9 (2024) 100488
Jou nal o Inno a ion
&Knowledge
h ps://www.jou nals.else ie .com/jou nal-o -inno a ion-and-knowledge
emphasizing esiden s’financial ad iso y beha io and analyzing
influencing ac o s om a ious pe spec i es (Ama al & Kolsa ici,
2020;Ba hel & Lei, 2021;Bha acha ya e al., 2023;Bu ke & Hung,
2021;Kim e al., 2021). These ac o s encompass mic o-le el indi id-
ual cha ac e is ics (such as gende , educa ion le el, financial knowl-
edge, and social ne wo ks, e c.), meso-le el amily cha ac e is ics
(such as household income, asse s, and social ne wo ks, e c.), and
mac o-le el con ex ual ac o s (including egional economic de elop-
men , financial consume p o ec ion, and policies and egula ions).
Wi h he p oli e a ion o digi al echnology and he ensuing digi-
al ans o ma ion o financial ma ke s, indi iduals ace inc easingly
in ica e and di e se financial choices. Consequen ly, he demand o
p o essional financial ad iso s is on he ise, wi h expec a ions ha
hey can u nish pe sonalized financial plans and in es men s a e-
gies (B enne & Meyll, 2020;Piehlmaie , 2022). Howe e , concu -
en ly, esiden s g apple wi h he ad e se e ec s o he digi al di ide,
significan ly influencing hei access o, unde s anding o , and abili y
o u ilize financial ad ice. The digi al di ide e e s o dispa i ies in
indi iduals’abili y o access, comp ehend, and use digi al in o ma-
ion, encompassing imbalances in echnological capabili ies, digi al
li e acy, and in o ma ion acquisi ion channels (Lu e al., 2023). The e
is a compelling eason o belie e ha he digi al di ide imposes con-
s ain s on esiden s’engagemen wi h financial ad iso y se ices.
On he one hand, dispa i ies in indi iduals’access o financial- ela ed
in o ma ion, exace ba ed by he digi al di ide, may hinde ce ain
esiden s om easily acqui ing ele an financial knowledge and
in o ma ion, he eby diminishing hei likelihood o seeking financial
ad iso y se ices (Ly h ea is e al., 2022;Vassilakopoulou & Hus ad,
2023). On he o he hand, he digi al di ide migh lea e ce ain esi-
den s s uggling o comp ehend and apply complex financial con-
cep s and da a analysis, esul ing in challenges in ecei ing financial
ad ice and po en ially making e oneous decisions (Aissaoui, 2022).
Fu he mo e, he digi al di ide may impac indi iduals’abili y o
le e age echnological ools o financial managemen and ad iso y
se ices, wi h some esiden s lacking he necessa y skills and expe i-
ence o u ilize digi al financial ools, hus acing ba ie s in accessing
financial ad iso y se ices (Schee de e al., 2017). The e o e, he e is
a p essing need o in-dep h esea ch on he e ec s o o mula e a -
ge ed policies and measu es, ensu ing ha all esiden s can ully ben-
efi om p o essional financial ad iso y se ices.
Cu en ly, China’s“Digi al China”s a egy has led o con inuous
imp o emen s in in e ne in as uc u e. Despi e hese ad ance-
men s, he p opo ion o Chinese esiden s exp essing a need o
financial ad iso s and hose who ac ually engage financial ad iso s
emains ela i ely low. Acco ding o he CHFS2019 da abase, me ely
3.03 % o Chinese esiden s exp ess a need o financial ad iso s, and
among hem, only 13.02 % ha e u ilized financial ad iso y se ices
(Liu & Lu, 2023). Is he digi al di ide influencing he demand o and
engagemen wi h financial ad iso s among Chinese esiden s? Does
his influence a y ac oss dis inc le els o he digi al di ide and
show he e ogenei y ac oss di e se demog aphic p ofiles? How does
his influence mani es i s e ec s? Answe s o hese ques ions a e
c ucial. To add ess his esea ch gap, his a icle u ilizes su ey da a
collec ed om esiden s in six p o inces o Eas China in 2022 and
employs he analy ical amewo k o “Access gap-Usage gap-U ili y
gap” o sys ema ically in es iga e he impac , he e ogenei y, and
mechanism o he digi al di ide on he demand o and engagemen
wi h financial ad iso s among esiden s. In his con ex , "Access gap"
e e s o he si ua ion whe e esiden s, ela i e o in e ne usage,
ei he ha e no access o o do no use he in e ne , hus expe iencing
an access gap. "Usage gap" pe ains o he scena io whe e esiden s’
o e all equency o in e ne usage is lowe , indica ing a mo e se e e
case o usage hap. "U ili y gap" deno es ha he lowe he pe cei ed
impo ance o he in e ne among esiden s, he mo e se e e he u il-
i y gap hey expe ience. Compa ed o exis ing esea ch, his pape
in oduces se e al inno a ions:
Fi s ly, a comp ehensi e analysis o esiden s’financial ad iso y
beha io necessi a es conside ing wo pe spec i es: he demand o
and engagemen wi h financial ad iso s. The demand o financial
ad iso s eflec s indi iduals’cogni i e needs and psychological
expec a ions o financial ad iso y se ices, while engagemen wi h
financial ad iso s ocuses on indi iduals’choices and decisions
ega ding engaging in financial ad iso y se ices. When sc u inizing
he ac o s impac ing he decision o hi e a financial ad iso , o e -
coming he sample selec i i y issue conce ning he demand o finan-
cial ad iso s is c ucial. Howe e , p io esea ch has o en o e looked
his issue. Fo example, Kim e al. (2021) used a P obi model o ana-
lyze he impac o financial li e acy on he demand o financial
ad ice and i s influence on he selec ion o di e en sou ces o finan-
cial ad ice wi hin he g oup wi h a demand o financial ad ice. How-
e e , due o sample selec i i y issues, hei es ima ion esul s may be
biased. To add ess his issue, his pape in oduces he P obi model
wi h sample selec i i y ( e e ed o as he PSS model) o esea ch
pu poses (Chaudhu i & Che ic, 2012;Liu & Lu, 2023), p o iding
essen ial me hodological insigh s o esea ch in his field.
Secondly, a ple ho a o esea ch indica es ha he digi al di ide
has se e e ad e se consequences on esiden s’well-being, encom-
passing objec i e ace s such as employmen , income, asse s, educa-
ional oppo uni ies, physical heal h, and li e pa icipa ion p ospec s,
along wi h subjec i e aspec s like happiness, ela i e dep i a ion,
men al heal h, and dep ession (Aissaoui, 2022;Goncal es e al.,
2018;Lu e al., 2023;Ly h ea is e al., 2022;Vassilakopoulou & Hus-
ad, 2023). In ecen yea s, despi e some schola s beginning o con-
cen a e on he amifica ions o he digi al di ide on esiden s’
financial beha io s, such as asse alloca ion, e i emen planning, o
financial planning (Ly h ea is e al., 2022;Yu e al., 2023), limi ed
esea ch has del ed in o financial ad iso y beha io . The e o e, he
p ima y objec i e o his pape is o en ich he comp ehension o he
impac o he digi al di ide by sc u inizing i s e ec s on esiden s’
demand o and engagemen wi h financial ad iso s h ough heo e -
ical hypo heses and empi ical analysis.
Thi dly, i is c ucial o acknowledge ha he iad o digi al di i-
sion le els is no isola ed bu in ica ely linked h ough chain e ec s,
wi h influences cascading om he ini ial o he ul ima e ie (Wei e
al., 2011). Despi e esea che s ecognizing he exis ence o hese
h ee le els, cons ain s in a ailable da a ha e posed challenges in
sys ema ically gauging and cha ac e izing he ex en and s a us o
he digi al di ide ac oss all h ee ie s o indi iduals (Loh & Chib,
2021;Lu e al., 2023;Ragnedda, 2017;Schee de e al., 2017;Zhao e
al., 2022). In his s udy, we emb ace he in icacies and a ia ions
wi hin he digi al di ide and employ di e se pe spec i es o measu e
he usage and u ili y gap. Th ough his comp ehensi e app oach, ou
aim is o u nish an exhaus i e unde s anding and analysis o he p e-
ailing s a e o he digi al di ide a a ious le els. Indeed, he usage
gap del es in o esiden s’objec i e in e ne u iliza ion pa e ns,
while he u ili y gap encapsula es esiden s’subjec i e assessmen s
o in e ne usage. These wo dimensions should no be confla ed.
Ne e heless, he e exis s a dea h o li e a u e sys ema ically in es-
iga ing he impac o dis inc le els o he digi al di ide on esiden s’
financial beha io s, wi h e en ewe compa a i e s udies on he
epe cussions o esiden s’demand o and engagemen wi h finan-
cial ad iso s. This pape s i es o ed ess his esea ch gap and un-
damen ally g apple wi h his issue.
Finally, he e is scan li e a u e sc u inizing he unde lying mech-
anisms by which he digi al di ide shapes esiden s’financial ad i-
so y beha io . In his con ex , his pape aspi es o enhance
comp ehension by p obing whe he he digi al di ide influences he
demand o and engagemen wi h financial ad iso s h ough he
ex en o in o ma ion a en ion and social ne wo ks. Undoub edly,
his app oach adds o a mo e holis ic examina ion o his domain.
The emaining sec ions o he pape a e o ganized as ollows:
Chap e 2 conduc s a e iew o he exis ing li e a u e, ollowed by
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
2
he esea ch hypo heses. Chap e 3 will in oduce he da a sou ces,
ollowed by he cons uc ion o a iables. In Chap e 4, we will ini-
ially p esen he baseline es ima ion esul s, ollowed by obus ness
checks, he e ogenei y analysis, and mechanism es s. Chap e 5 will
ini ia e wi h a “discussion”sec ion, o e ing insigh s om bo h aca-
demic and policy pe spec i es. Finally, a succinc summa y o he
conclusions will be p o ided, ollowed by he iden ifica ion o limi a-
ions and sugges ions o po en ial a eas o u u e imp o emen .
Li e a u e e iew and hypo hesis
Li e a u e e iew
The concep and measu emen o digi al di ide
Ea ly esea ch on he digi al di ide p ima ily ocused on he
access le el, which examined he gap be ween indi iduals wi h in e -
ne access and hose wi hou i , based on ma e ial condi ions. This
fi s le el digi al di ide, also known as he digi al access di ide o
access gap, p ima ily e ol es a ound in e ne de ice owne ship and
in e ne accessibili y (Van Dijk, 2006). As in e ne in as uc u e
imp o ed and access gaps na owed, schola s shi ed hei a en ion
o he usage le el. They ound ha e en wi h equal access, indi idu-
als migh no use he in e ne in he same way o o he same ex en .
This a ia ion in in e ne usage is e iden in ac o s such as con en ,
skills, mo i a ion, equency, and p e e ences (Liao e al., 2022;Loh &
Chib, 2021;Ly h ea is e al., 2022;Schee de e al., 2017). This dis-
inc ion in in e ne usage pa e ns is e e ed o as he second le el
digi al di ide. Exis ing li e a u e p edominan ly cen e s on wo main
ca ego ies: one unde sco es he equency o in e ne usage, o en
e med as he “usage gap,”while he o he highligh s in e ne usage
skills, commonly e e ed o as he “digi al capabili y di ide”(Lu e
al., 2023).
In ecen yea s, some schola s ha e expanded hei esea ch o
ocus on he “e ec ”le el, s udying di e ences in cogni ion, a i-
udes, alues, and beha io al pa e ns among popula ions a e
accessing and using he in e ne . This concep is known as he hi d
le el digi al di ide. Howe e , he e is s ill some con o e sy su -
ounding his concep . Some schola s emphasize analyzing he objec-
i e consequences o in e ne use, such as he inequali ies in wo k,
lea ning, en e ainmen , and in e pe sonal ela ionships caused by
di e ences in in e ne access o usage, and hey e e o i as he digi-
al ou come di ide (Schee de e al., 2017;Zhao e al., 2022). O he s
highligh he subjec i e u ili y di e ence in in e ne usage, which
pe ains o di e ences in pe cei ed impo ance, and hey e e o i
as he u ili y gap (G
omez, 2018;Ragnedda, 2017).
Fac o s influencing esiden s’financial ad iso y beha io
Recen ly, some schola s ha e iden ified a ious ac o s influenc-
ing esiden s’financial ad iso y beha io om di e en pe spec i es.
Fo example, Ama al and Kolsa ici (2020) obse ed a significan
in e se co ela ion be ween he likelihood o seeking ad ice om a
financial planne and in es men in financial li e acy. B enne and
Meyll (2020) iden ified a obus nega i e ela ionship be ween he
u iliza ion o obo -ad iso s and he inclina ion o seek human finan-
cial ad ice. Ba hel and Lei (2021) in es iga ed he associa ion
be ween cogni i e abili y and he p opensi y o seek financial ad ice,
e ealing no significan ela ionship be ween h ee dimensions o
cogni i e abili y (memo y, objec i e nume acy, and subjec i e
nume acy) and he pu sui o financial ad ice. Bu ke and Hung
(2021) disco e ed a co ela ion be ween financial us and he usage
o ad ice as well as he inclina ion o seek ad iso y se ices. Piehlma-
ie (2022) ound ha in es o s exhibi ing o e confidence display a
no ably highe endency o adop obo -ad ice. Bha acha ya e al.
(2023) e ealed gende dispa i ies in ad ice p o ision wi hin finan-
cial planning fi ms, wi h women being mo e inclined han men o
ecei e ad ice ega ding indi idual o local secu i ies, a end no
obse ed in secu i ies fi ms. Delis e al. (2023) demons a ed ha
ha d p iming elici s a heigh ened posi i e in en ion o consul a bank
ad iso . Fong and Lee (2023) in es iga ed he impac o consume s’
us in financial ins i u ions on bo h hei seeking and adop ing
beha io s o financial ad ice, es ablishing financial us as a po en
p edic o o bo h beha io al ou comes. Liu (2023) iden ified essen ial
ac o s such as subjec i e no ms, financial knowledge, financial isk
ole ance, and pe sonal ai s as posi i ely influencing an indi idual’s
decision o seek ad ice om financial planne s, while financial s ess
s emming om financial cons ain s exe ed a significan nega i e
e ec . Liu and Lu (2023) concluded ha heigh ened le els o financial
li e acy posi i ely impac bo h he demand o and employmen o
financial ad ise s.
Reg e ably, p e ailing li e a u e seldom seg ega es subjec i e
demand om ac ual engagemen beha io wi hin esiden s’financial
ad iso y conduc , no o men ion amalgama ing he wo wi hin a
holis ic analy ical amewo k. Mo eo e , he e exis s a dea h o
esea ch del ing in o he amifica ions o he digi al di ide on esi-
den s’financial ad iso y beha io , le alone jux aposing hese conse-
quences ac oss a ious ie s o he digi al di ide and elucida ing he
unde lying mechanisms.
Hypo heses
This a icle posi s ha he digi al di ide has ad e se e ec s on
bo h esiden s’demand o and engagemen wi h financial ad iso s.
The p ima y a ionales a e ou lined as ollows: (1) The digi al di ide
esul s in inequali ies in in o ma ion access (Ragnedda, 2017;Vassila-
kopoulou & Hus ad, 2023). Residen s wi h limi ed digi al li e acy o
cons ained in e ne access ace di ficul ies in accessing up- o-da e
financial in o ma ion and ma ke ends. This in o ma ional gap
makes hem less acquain ed wi h new financial p oduc s and in es -
men oppo uni ies, educing hei inclina ion o seek guidance om
financial ad iso s.(2) The digi al di ide may con ibu e o deficiencies
in digi al financial li e acy among ce ain esiden s, indica ing a lack
o unde s anding and p oficiency in u ilizing financial echnology
ools and digi alized financial me hodologies (Aissaoui, 2022). Conse-
quen ly, he e is a dec eased ecep i i y owa ds digi al financial
se ices, wi h indi iduals pe cei ing o e ings om financial ad iso s
as o e ly complex o daun ing, he eby a oiding seeking guidance
om financial ad iso s. (3) The digi al di ide may hinde in e ac ion
and communica ion be ween esiden s and financial ad iso s
(Ly h ea is e al., 2022). Fo hose un amilia wi h digi al communica-
ion ools, engaging emo ely wi h financial ad iso s may seem cum-
be some o a duous. Face- o- ace communica ion may equi e
p oximi y in ime and geog aphy, p esen ing challenges o esiden s
esiding in emo e locales o wi h limi ed mobili y. Mo eo e , con-
ce ns abou he secu i y and eliabili y o online financial se ices
may u he educe esiden s’willingness o seek assis ance om
financial ad iso s. As a esul , his s udy p oposes hypo heses H1a
and H1b as ollows:
H1a. The digi al di ide a di e en le els exhibi s a nega i e impac
on he demand o financial ad iso s, including he access gap, usage
gap, and u ili y gap. This implies ha esiden s who do no use he
in e ne , ha e lowe in e ne usage equency, and pe cei e he in e -
ne as less impo an , a e less p one o seek financial ad iso s.
H1b. The digi al di ide a di e en le els exhibi s a nega i e impac
on he engagemen o financial ad iso s. This sugges s ha esiden s
who do no use he in e ne , ha e lowe in e ne usage equency,
and pe cei e he in e ne as less impo an , a e less likely o engage
financial ad iso s.
Social ne wo k mechanism
Fi s ly, his pape posi s ha he digi al di ide unde mines esi-
den s’social ne wo ks due o he ollowing easons (Aissaoui, 2022;
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
3
Hooghe & Ose , 2015;Lu e al., 2023): (1) In he con empo a y digi al
e a, social ne wo ks p edominan ly flou ish on in e ne -based pla -
o ms, os e ing in o ma ion exchange h ough online social media
and communi ies. Howe e , esiden s lacking digi al li e acy o con-
enien in e ne access ace ba ie s o pa icipa ing in hese ne -
wo ks, leading o une en access o in o ma ion. Consequen ly, hei
connec ion o digi al social ne wo ks weakens, limi ing a enues o
communica ion and in e pe sonal connec ion. (2) The digi al di ide
may c ea e ba ie s o digi al socializa ion o ce ain esiden s. Those
un amilia wi h digi al communica ion ools may pe cei e online
social media and communi ies as un amilia and un eliable, esul ing
in a dec eased inclina ion o ac i e engagemen . These ba ie s
impede in e ac ion and communica ion, a ec ing he g ow h and
s eng h o social ne wo ks. (3) Unequal access o in o ma ion and
obs acles o digi al socializa ion s emming om he digi al di ide
may cause ce ain esiden s o expe ience de achmen om digi al
social ne wo ks, os e ing eelings o digi al isola ion. This g adual
aliena ion diminishes hei p esence wi hin social ne wo ks, leading
o educed in e ac ion and weakening he b ead h and densi y o
hese ne wo ks. (4) The digi al di ide may in e sec wi h social cogni-
ion and cul u al dynamics, spa king biases o misconcep ions
owa ds digi al social ne wo ks. Some esiden s may pe cei e adi-
ional modes o socializa ion as mo e dependable and us wo hy,
iewing digi al social media and online communi ies wi h skep icism
o dis us . This sociocul u al influence diminishes esiden s’desi e
o engage in digi al social ne wo ks, hinde ing hei expansion and
ein o cemen .
Fu he mo e, he enhancemen o esiden s’social ne wo ks
se es as a ca alys in acili a ing he demand o and engagemen
wi h financial ad iso s owing o he ollowing easons (Chaudh y e
al., 2022;Fong & Lee, 2023;He & Li, 2020;Heime , 2016):(1) Social
ne wo ks ac as condui s o he dissemina ion and exchange o
financial insigh s. Imp o ed social ne wo ks enable esiden s o sha e
and access financial in o ma ion among pee s h ough pla o ms like
social media, online communi ies, and digi al o ums. This acili a es
he sp ead o financial knowledge, enhancing esiden s’awa eness o
hei financial ci cums ances and p edisposing hem o seek guidance
om financial ad iso s. (2) The amplifica ion o social ne wo ks os-
e s he exchange o p o essional acumen and expe ise. Residen s
may connec wi h indi iduals possessing subs an ial financial p ow-
ess o a backg ound in finance, gaining nuanced counsel on in es -
men s and financial s a egies. This knowledge-sha ing dynamic
could as he po en ial o d i e an inc eased demand o financial
ad iso s as esiden s ecognize he po en ial o p o essional ad iso s
o p o ide ailo ed and comp ehensi e financial planning se ices.
(3) The ein o cemen o social ne wo ks bols e s social influence and
os e s us -based ela ionships among esiden s. Ac i e engage-
men wi h financial ad iso s wi hin social sphe es allows esiden o
sha e posi i e expe iences, enhancing ai h and appo wi h finan-
cial ad iso s. This social endo semen inc eases he inclina ion o
enlis financial se ices. (4) Wi hin social ne wo ks, indi iduals a e
influenced by he conduc and a i udes o hei pee s. As ce ain esi-
den s benefi om financial ad iso s’se ices and achie e com-
mendable financial ou comes, o he s may be inspi ed o seek simila
p o essional assis ance. This ipple e ec can lead o he p oli e a ion
and pe mea ion o he demand o financial ad iso s wi hin social
ne wo ks. The e o e, hypo hesis H2 is p oposed as ollows:
H2. The digi al di ide exe s a supp essing e ec on he demand o
and engagemen o financial ad iso s among esiden s by weakening
hei social ne wo ks.
In o ma ion a en ion mechanism
This pape con ends ha he digi al di ide hampe s esiden s’
in o ma ion a en ion le els due o he ollowing ac o s (Aydin,
2021;Che y e al., 2018;Vassilakopoulou & Hus ad, 2023): (1) The
digi al di ide c ea es scena ios whe e ce ain esiden s canno access
he la es in o ma ion dissemina ed h ough digi al channels like he
In e ne and social media. Residen s lacking digi al li e acy o con e-
nien in e ne access ace challenges in accessing ele an in o ma ion,
cons aining hei abili y o a end o news, cu en e en s, and o he
c i ical in o ma ion. (2) The digi al di ide may lea e some esiden s
wi h a defici in digi al li e acy, ma ked by a lack o p oficiency in in o -
ma ion and communica ion echnologies. In an e a hea ily elian on
digi al pla o ms o in o ma ion dissemina ion, indi iduals un amilia
wi h hese echnologies may ha e di ficul y na iga ing he as eposi-
o y o in o ma ion a ailable online, esul ing in diminished a en ion o
pe inen such in o ma ion. (3) While some esiden s may possess adep
digi al li e acy skills, he shee as ness o in o ma ion in he digi al age
can lead o in o ma ion o e load and decision pa alysis. Con on ed
wi h a deluge o in o ma ion sou ces and con en , esiden s may find
hemsel es o e whelmed, making i challenging o disce n and p io i-
ize ele an in o ma ion. Consequen ly, indi iduals may choose o limi
hei a en ion o in o ma ion o limi hei ocus o a ew amilia sou -
ces while dis ega ding o he s.
Fu he mo e, he enhancemen in esiden s’in o ma ion a en-
ion le els spa ks an upswing in he demand o and engagemen
wi h financial ad iso s, d i en by he ollowing a ionales (Liu & Lu,
2023;Nek aso e al., 2023;Siche man e al., 2016): (1) Wi h heigh -
ened in o ma ion a en ion, esiden s demons a e a p opensi y o
ac i ely seek he la es financial insigh s and p o essional expe ise.
Gaining knowledge abou financial ma ke dynamics, in icacies o
in es men p oduc s, and s a egies o financial planning enhances
esiden s’financial acumen and unde s anding. This inc eased
awa eness enables esiden s o disce n hei financial impe a i es
and aspi a ions mo e disce ningly, hus ampli ying hei inclina ion
o seek guidance om financial ad iso s. (2) The ele a ion in in o -
ma ion a en ion leads o an inc ease in esiden s’demand o finan-
cial planning se ices. Heigh ened awa eness o hei financial
s anding and u u e objec i es compels esiden s o s i e o finan-
cial g ow h and isk mi iga ion h ough hough ul financial plan-
ning. In his con ex , esiden s exhibi an enhanced p edisposi ion o
engage p o essional financial ad iso s o pe sonalized financial
counsel and planning. (3) By in ensi ying hei ocus on in o ma ion,
esiden s cul i a e a p o ound unde s anding o he in icacies and
sophis ica ion inhe en in he ealm o finance. Recognizing he chal-
lenging na u e o na iga ing complex in es men landscapes and ol-
a ile financial ma ke s independen ly, esiden s display an inc eased
openness o seeking assis ance om seasoned financial ad iso s.
Equipped wi h expe ise, financial ad iso s p o ide esiden s wi h
ailo ed financial solu ions aligned wi h hei isk ole ance and
financial objec i es. (4) Augmen ed in o ma ion a en ion equips es-
iden s wi h a nuanced unde s anding o he in icacies associa ed
wi h a ious financial al e na i es, enabling hem o sys ema ically
e alua e isks and e u ns. This heigh ened p oficiency ins ills confi-
dence in esiden s’financial decision-making abili ies, os e ing a
g ea e inclina ion o ac i e engagemen in financial endea o s.
Simul aneously, esiden s demons a e an inc eased p opensi y o
seek he p o essional insigh s and guidance o financial ad iso s in
making p uden financial choices. The e o e, his a icle p oposes he
ollowing hypo hesis H3:
H3. The digi al di ide exe s a supp essing e ec on he demand o
and engagemen o financial ad iso s among esiden s by diminish-
ing hei le el o in o ma ion a en ion.
Da a and a iables
Da a p ep ocessing
The da a o his s udy was ini ially ga he ed du ing he Chinese
New Yea pe iod in 2022 and subsequen ly augmen ed h ough
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
4
addi ional su eys conduc ed be ween July and Sep embe 2022. The
su ey p edominan ly ocused on solici ing pe inen in o ma ion
conce ning households in he yea 2021, inco po a ing a e ospec-
i e analysis o a ious c ucial aspec s da ing back o 2019, encom-
passing p o inces such as Jiangsu, Shandong, Anhui, Zhejiang,
Jiangxi, and Fujian. The su ey eam p edominan ly comp ised young
acul y membe s, g adua e s uden s, and unde g adua es om he
au ho ’s uni e si y and collabo a ing ins i u ions. The selec ion o he
Eas China six p o inces is unde pinned by a ious ac o s. P ima ily,
his egion s ands ou as one o China’s economically p ospe ous
a eas, dis inguished by a high u baniza ion a e and ela i ely ele-
a ed pe capi al income le els. Fu he mo e, i boas s a no able le el
o engagemen in financial ma ke s and a disce nible di e sifica ion
in asse alloca ion p ac ices, indica i e o a p onounced demand o
financial managemen se ices among esiden s and a heigh ened
p opensi y owa ds enlis ing he se ices o financial ad iso s. Mo e-
o e , he Eas China six p o inces exhibi a spec um o geog aphical
loca ions and economic s uc u es, mani es ing subs an ial dispa i ies
in economic de elopmen ac oss di e en locales. This he e ogenei y
a o ds a mo e nuanced depic ion o he di e se popula ion g oups
and egional dynamics p esen wi hin he a ea. Consequen ly, op ing
o ocus on he Eas China six p o inces o esea ch pu poses is
deemed a judicious choice. I is impe a i e o acknowledge ha while
he Eas China six p o inces may no comp ehensi ely ep esen he
en i e y o China’s popula ion, hei s a us as economically de eloped
egions sugges s ha he financial ad iso y beha io s obse ed
wi hin his con ex may, o a ce ain ex en , eflec b oade ends
among Chinese esiden s. As such, he insigh s gleaned and policy
ecommenda ions o mula ed h ough his esea ch endea o hold
he po en ial o u nish aluable pe spec i es applicable o o he
egions.
The su ey employed a mul i-s age andom sampling me hod-
ology, as ollows: Ini ially, om each o hese selec ed p o inces,
3-4 p e ec u e-le el ci ies o coun ies we e andomly chosen,
o aling 19 selec ions. Subsequen ly, om each selec ed p e ec-
u e-le el ci y o coun y, 3 dis ic s o coun ies we e andomly
selec ed based on c i e ia such as local economic de elopmen
and u ban popula ion size. F om hese chosen dis ic s o coun-
ies, 3 neighbo hood commi ees and 3 illage commi ees we e
andomly selec ed, wi h conside a ion gi en o he popula ion
size o he communi y. Finally, app oxima ely 20 households
we e andomly chosen om each neighbo hood o illage com-
mi ee, esul ing in a o al o 6800 households su eyed. This
comp ehensi e su ey collec ed de ailed in o ma ion encompass-
ing a ious aspec s o socie y, including popula ion demog aphics,
income and expendi u e pa e ns, p oduc ion and business ac i i-
ies, c edi - ela ed beha io , and he undamen al cha ac e is ics
o he communi ies in which he sampled households we e si u-
a ed. The da a collec ed p o ided a weal h o mic o-le el in o -
ma ion o suppo he analysis and findings o his s udy.
P io o he analysis, he da a unde wen a ious p ep ocessing
p ocedu es. Ini ially, in alid samples, including e oneous esponses,
ex eme alues, and unanswe ed ques ions, we e excluded, yielding
6618 alid samples. Following his, samples wi h missing alues
ela ed o key a iables we e fil e ed ou , lea ing 6524 alid samples.
Las ly, samples co esponding o household heads younge han
18 yea s old o olde han 80 yea s old we e omi ed, esul ing in a
final da a se o 6056 alid samples.
Va iables
Dependen a iable
This s udy employs a esea ch app oach akin o ha o B enne
and Meyll (2020) and Liu and Lu (2023) o gauge he demand o and
engagemen wi h financial ad iso s among esiden s.
Need o financial ad iso s (need). The su ey ques ionnai e included
he ques ion, “Do you equi e financial ad iso s o in es men con-
sul an s?”Based on esponses o “yes”o “no,”a bina y dummy a i-
able, deno ed as “need,”was c ea ed o signi y he p esence o
demand o financial ad iso s. A esponse o “yes”was conside ed a
demand o financial ad iso s, assigned a alue o 1. Con e sely, a
esponse o “no”indica ed no demand o financial ad iso s among
households, assigned a alue o 0.
Engagemen o financial ad iso s (engage). Fo esponden s exp ess-
ing a demand o financial ad iso s, u he inqui y was made: “Does
you household cu en ly employ a financial ad iso o in es men
consul an ?”Based on esponses o “yes”o “no,”a bina y dummy
a iable, deno ed as “engage,”was cons uc ed o indica e whe he a
financial ad iso was hi ed. A “yes” esponse signified engagemen
wi h a financial ad iso , hus assigned a alue o 1. Con e sely, a “no”
esponse indica ed no engagemen wi h a financial ad iso , assigned
a alue o 0. No ably, obse a ions o he “engage” a iable a e only
applicable when “need”equals 1.
The e o e, “need”delinea es he subjec i e demand o a financial
ad iso , while “engage”encapsula es he objec i e beha io o
engaging a financial ad iso subsequen o exp essing he subjec i e
need.
Independen a iable
Building upon he concep ual amewo k ou lined by Ragnedda
(2017) and G
omez (2018), his s udy e alua es he digi al di ide
ac oss h ee dis inc le els:
Access Gap. The fi s le el, known as he Access Gap, is gauged
h ough in e ne accessibili y. Householde s a e que ied on wo
aspec s: “Do you ha e mobile in e ne access?”and “Do you ha e
compu e in e ne access?”I a householde esponds nega i ely o
bo h ques ions, hey a e conside ed o ha e encoun e ed an access
gap. I a householde esponds posi i ely o a leas one ques ion,
hey a e conside ed no o ha e su e ed an access gap. A bina y a i-
able named “access gap”is c a ed o iden i y whe he he house-
holde is a ec ed by an access gap. A alue o 1 deno es he p esence
o an access gap, while 0 signifies i s absence.
Usage Gap. The second le el o he digi al di ide, e med he Usage
Gap, is quan ified by he equency o in e ne usage. Fo household-
e s wi hou su e ing access gap (i.e., wi h in e ne access), he ques-
ionnai e explo es hei in e ne use equency o lea ning, wo k,
social ac i i ies, en e ainmen , and comme cial ac i i ies. Response
op ions include “almos daily,”“3-4 imes a week,”“1-2 imes a
week,”e c., each assigned a nume ical alue. Va iables a e gene a ed
o each ca ego y (e.g., S udy Usage Gap, Wo k Usage Gap, Social
Usage Gap, En e ainmen Usage Gap, and Comme ce Usage Gap).
Subsequen ly, ac o analysis is employed on hese fi e indica o s o
es ablish he a iable “Usage Gap.”A highe alue signifies a
dec eased o e all equency o in e ne usage by he householde ,
he eby indica ing a mo e p onounced se e i y o he expe ienced
usage gap.
U ili y Gap. The hi d le el, e e ed o as he U ili y Gap, is de e -
mined by he pe cei ed impo ance o he In e ne . Fo householde s
wi hou su e ing access gap, he ques ionnai e in es iga es he
impo ance o he In e ne o a ious ac i i ies, like lea ning, wo k,
social ac i i ies, en e ainmen , and business ac i i ies. Response
op ions a e assigned alues om 1 o 5, wi h 1 indica ing “ e y
impo an ”and 5 indica ing “ e y unimpo an .”Va iables a e con-
s uc ed o each ca ego y (e.g., S udy U ili y Gap, Wo k U ili y Gap,
Social U ili y Gap, En e ainmen U ili y Gap, and Comme ce U ili y
Gap). Building on his ounda ion, ac o analysis is applied o he fi e
men ioned indica o s, yielding he a iable e med “U ili y Gap.”A
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
5
highe alue signifies a educed o e all pe cei ed impo ance o he
in e ne o he householde , eflec ing a heigh ened se e i y o he
expe ienced U ili y Gap.
Con ol a iable
Taking cues om exis ing li e a u e (Bha acha ya e al., 2023;
Bu ke & Hung, 2021;Delis e al., 2023;Fong & Lee, 2023;Liu, 2023;
Piehlmaie , 2022), his s udy inco po a es he ollowing con ol a i-
ables:
Indi idual Cha ac e is ics o he Householde :
Gende (gende ): Bina y a iable (male=1, emale=0).
Age (age): Con inuous a iable ep esen ing he age o he house-
holde deno ing he yea s o educa ion.
Educa ion Le el (edu):Con inuous a iable deno ing he yea s o
educa ion.
Ma i al S a us (ma iage):Bina y a iable (ma ied=1, o he -
wise=0).
Financial Li e acy (knowledge): calcula ed based on classic “Big
300 ques ions.
Risk P e e ence ( isk):Bina y a iable (p e e ence o isk=1, o h-
e wise=0).
Family Cha ac e is ics:
Size o Household Popula ion (pop): Con inuous a iable ep e-
sen ing he o al numbe o indi iduals in he household.
P opo ion o Labo Fo ce ( a io): Con inuous a iable indica -
ing he pe cen age o he household in ol ed in he labo o ce.
Owne ship o House (house): Bina y a iable (yes=1, no=0).
Pu chase o Comme cial Insu ance (insu ance): Bina y a iable
(whe he o pu chase comme cial insu ance: yes=1, no=0).
To al Household Income (income): Con inuous a iable ep e-
sen ing he o al income o he household.
Regional Di e ences: Using Zhejiang P o ince as a e e ence
g oup, bina y dummy a iables o fi e o he p o inces a e in o-
duced o con ol o egional dispa i ies.
1
Iden ifica ion a iable
As p e iously men ioned, o ensu e iden ifiabili y, i becomes c u-
cial o in oduce iden ifica ion a iables a his poin . Specifically, he
mean digi al di ide expe ienced by households wi hin he commu-
ni y se es as he iden ifica ion a iable. To elabo a e u he , when
examining he consequences o he access gap, he iden ifica ion a i-
able co esponds o he p opo ion o he communi y g appling wi h
he access gap. Simila ly, when explo ing he usage gap, he iden ifi-
ca ion a iable is ep esen ed by he mean usage gap expe ienced
wi hin he communi y. Finally, in he examina ion o he u ili y gap,
he iden ifica ion a iable is ep esen ed by he mean u ili y gap
expe ienced ac oss he communi y.
Mechanism a iable
Social ne wo k (ne wo k). D awing om exis ing li e a u e (Cull e al.,
2022;Yang e al., 2021), his s udy employs household gi expendi-
u es as a p oxy o measu e social ne wo ks. Responden s we e asked
in he su ey ques ionnai e, “In he pas 12 mon hs, how much
money did you amily spend on gi s o ela i es and iends? (in
RMB).”Consequen ly, a social ne wo k a iable, indica ed as “ne -
wo k,”was cons uc ed. A highe alue indica es a mo e de eloped
social ne wo k wi hin he household.
In o ma ion a en ion (a en ion). In alignmen wi h insigh s om he
exis ing li e a u e, his pape employs esiden s’le el o a en ion o
economic o financial in o ma ion as a me ic o in o ma ion a en-
ion (Nek aso e al., 2023;Siche man e al., 2016). The su ey ques-
ionnai e inqui es, “How much a en ion do you usually pay o
economic and financial in o ma ion?”The esponse op ions a e:
“Ve y much a en ion,”“Qui e some a en ion,”“A e age,”“Ve y li le
a en ion,”and “Ne e pay a en ion,”which a e assigned alues o 5,
4, 3, 2, and 1, espec i ely. Using hese esponses, a a iable e med
“a en ion”is c ea ed o indica e he ex en o a en ion o economic
and financial in o ma ion by he householde . A highe alue signifies
a g ea e deg ee o a en ion by he householde o economic and
financial in o ma ion.
To acili a e he e ogenei y analysis, his s udy in oduces addi-
ional a iables:
1. Ru al Residence ( u al): This bina y a iable akes a alue o 1 i
he household esides in a u al a ea and 0 o he wise.
2. Deb S a us (deb ): This bina y a iable akes a alue o 1 i he
household has any o m o deb and 0 o he wise.
3. Financial Educa ion ( ain): The su ey ques ionnai e e alua es
he householde ’s engagemen in financial knowledge lea ning by
asking, “How much ime do you spend on financial knowledge
lea ning each week?”Responses ange om “No ime spen ” o
“Mo e han 5 h.”A bina y dummy a iable, ain, is cons uc ed
based on his ques ion, aking a alue o 1 i he ime spen is
mo e han 1 h, indica ing eceip o financial educa ion, and 0 o h-
e wise.
Table 1 p o ides a desc ip i e esul o he a iables.
Empi ical esul s
Benchma k esul s
In examining he ac o s influencing esiden s’decisions o hi e
financial ad iso s, i is c ucial o conside he sample selec i i y issue
ela ed o he demand o financial ad iso s, as e ealed in he ea lie
analysis. To ackle his conside a ion, his s udy employs he P obi
model wi h sample selec i i y, e e ed o as he PSS model (Chaud-
hu i & Che ic, 2012;Liu & Lu, 2023). The specific de ails a e as ol-
lows:
The demand o financial ad ise s ( he fi s -s age selec ion equa-
ion):
need¼X0
1b1þe1;need ¼Ineed >0ðÞ ð1Þ
The engagemen o financial ad ise s ( he second s age ou come
equa ion):
engage¼X0
2b2þe2;engage ¼I engage >0ðÞ;i need ¼1;ð2Þ
The need and engage wi h an as e isk (*) indica e he po en ial
ou comes; he need and engage wi hou an as e isk (*) a e he ac ual
obse ed ou comes (i.e. he demand o financial ad ise s, and he
engagemen o financial ad ise s). Whe e I(&) ep esen s an in dica-
o unc ion, X
1
ep esen s he explana o y a iables in he selec ion
equa ion, and X
2
ep esen s he explana o y a iables in he ou come
equa ion. To ensu e model iden ifica ion, he explana o y a iables
mus sa is y he condi ion X
1
6¼ X
2
, which means ha hey a e no
exac ly he same. In addi ion, he e o e m (e
1
,e
2
) ollows a mul i-
a ia e no mal dis ibu ion wi h mean 0 and a co ela ion ma ix
wi h he co ela ion coe ficien . I his co ela ion coe ficien is
significan , his indica es ha a sample selec ion p oblem exis s.
Howe e , i he co ela ion coe ficien is no significan , his indi-
ca es ha he sample selec ion p oblem is negligible and he p obi
model can be used di ec ly.
1
I is no ewo hy ha he highes alue o absolu e co ela ion coe ficien among
he explana o y a iables (comp ising independen and con ol a iables) is 0.62,
which alls below he h eshold o 0.65. Addi ionally, he alue in he VIF es o he
explana o y a iables is me ely 7.5, indica ing he absence o mul icollinea i y issues
among hese a iables.
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
6
The esul s a e ou lined in Table 2. Based on he esul s (1) and (2),
i is e iden ha wi hin he fi s -s age selec ion equa ion, he impac
o he access gap on he demand o financial ad iso s is insignifican .
This implies ha esiden s’u iliza ion o he in e ne does no signifi-
can ly al e he p obabili y o equi ing financial ad iso s. In he sub-
sequen second-s age esul s equa ion, he impac o he access gap
on he engagemen o financial ad iso s also insignifican , sugges ing
ha subsequen o es ablishing a demand o financial ad iso s, esi-
den s’in e ne usage does no ma kedly influence hei likelihood o
engaging financial ad iso s. The e o e, he access gap does no signi -
ican ly influence whe he esiden s ha e a demand o financial ad i-
so s o engagemen hem. This conclusion can be explained as
ollows: Fi s ly, he demand o and hi ing o financial ad iso s ypi-
cally depend on indi iduals’financial s a us, in es men goals, and
u gen need o financial knowledge. Compa ed o he si ua ion o
in e ne access, indi iduals’economic condi ions and financial objec-
i es may be mo e c i ical, di ec ly a ec ing hei inclina ion o seek
assis ance om financial ad iso s. E en in he absence o in e ne
access, esiden s may s ill acqui e financial knowledge h ough o he
means, such as adi ional media, social ci cles, o physical financial
ins i u ions, o mee hei demand o financial ad iso s. On he o he
hand, financial ad iso s a e usually p o essionals who p o ide se -
ices wi hin specific socioeconomic con ex s, and hei hi ing is o en
influenced mo e by indi iduals’economic capaci y and social ne -
wo ks. E en in he p esence o an access gap, indi iduals wi h highe
economic means and b oade social ne wo ks a e s ill likely o
engage financial ad iso s, as hey a e be e posi ioned o a o d he
ees and access ele an in o ma ion.
Mo ing on o esul s (3) and (4), wi hin he fi s -s age selec ion
equa ion, he impac o he usage gap on he demand o financial
ad iso s eme ges as significan ly nega i e a he 1 % le el. This indi-
ca es ha a dec ease in he equency o in e ne usage co ela es
wi h a educed p obabili y o necessi a ing financial ad iso s. Subse-
quen ly, in he second-s age esul s equa ion, he influence o he
usage gap on he engagemen o financial ad iso s is significan ly
nega i e a he 1 % le el. This unde sco es ha subsequen o es ab-
lishing a demand o financial ad iso s, a lowe equency o in e ne
usage co esponds o a diminished likelihood o engaging financial
ad iso s. Las ly, esul s (5) and (6) elucida e ha wi hin he fi s -
s age selec ion equa ion, he impac o he u ili y gap on he demand
o financial ad iso s is significan ly nega i e a he 5 % le el. This
implies ha a diminished pe cep ion o he In e ne ’s impo ance
co ela es wi h a dec eased likelihood o equi ing financial ad iso s.
In he ensuing second-s age esul s equa ion, he e ec o he u ili y
Table 1
Desc ip i e esul s.
Va iable Defini ion Desc ip ion Obs Mean SD Min Max
need Whe he need o a financial ad iso 1 yes 0 no 6056 0.347 0.476 0 1
engage Whe he hi ed financial ad iso 1 yes 0 no 2104 0.077 0.267 0 1
access gap Whe he su e om access gap 1 yes 0 no 6056 0.240 0.427 0 1
usage gap The deg ee o su e om usage gap Fac o analysis 4603 0 0.402 -1.378 0.783
u ili y gap The deg ee o su e om u ili y gap Fac o analysis 4603 0 0.593 -1.682 1.079
age Age o householde Uni : yea 6056 50.818 12.819 20 80
gende Gende o householde 1=male, 0= emale 6056 0.801 0.399 0 1
edu Educa ion le el o householde Range om 0 o 22 6056 9.182 5.312 0 22
ma iage Ma y s a us o householde 1 yes 0 no 6056 0.873 0.333 0 1
knowledge Financial knowledge o householde Fac o analysis 6056 0 0.489 -1.161 0.884
isk Risk appe i e o householde 1 yes 0 no 6056 0.291 0.454 0 1
pop Family popula ion size / 6056 3.342 1.695 1 19
a io Family labo a io % 6056 0.638 0.362 0.00 1.00
house Whe he own house 1 yes 0 no 6056 0.895 0.307 0 1
income Pe capi al disposable income Uni :10,000 yuan 6056 4.548 6.214 -33.333 1000.0
insu ance Whe he pu chase business insu ance 1 yes 0 no 6056 0.221 0.415 0 1
Region Con olled
u al Whe he esiden s in u al a ea 1 yes 0 no 6056 0.497 0.500 0 1
deb Whe he has any o m o deb 1 yes 0 no 6056 0.724 0.484 0 1
ain Whe he ained in financial educa ion 1 yes 0 no 6056 householde is ained in financial educa ion 0.169 0.375 0 1
ne wo k gi expendi u es Uni :10,000 yuan 6056 0.91 0.53 0 120
a en ion in o ma ion a en ion Range om 1 o 5 6056 1.985 1.064 1 5
Table 2
Benchma k esul s.
Va iables (1) (2) (3) (4) (5) (6)
engage need engage need engage need
access gap -0.0018 0.0016
(0.0092) (0.0048)
usage gap -0.0527*** -0.0249***
(0.0065) (0.0045)
u ili y gap -0.0236
**
-0.0120*
(0.0112) (0.0068)
iden i ying a iable 7.6530*** 8.2890*** 8.6521***
(0.4218) (0.3982) (0.4003)
Con ol a iables Con olled Con olled Con olled Con olled Con olled Con olled
ho 0.2024* (0.1144) 0.2457* (0.1352) 0.3337** (0.1503)
Obs 6056 4603 4603
No e: ①*, * *, and * * * espec i ely ep esen significan le els a 10 %, 5 %, and 1 %; ②The o al household
income and social capi al a e measu ed in ens o housands o yuan. ③The alues wi hin pa en heses ep-
esen obus s anda d e o s; ④Fo simplici y, only he es ima ed esul s o he independen a iables and
iden i ying a iable a e epo ed he e.
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
7
gap on he engagemen o financial ad iso s appea s significan ly
nega i e a he 10 % le el. This sugges s ha pos -es ablishmen o a
demand o financial ad iso s, a lowe pe cei ed impo ance o he
in e ne co esponds o a educed likelihood o engaging financial
ad iso s. In summa y, he a icle’sfindings pa ially suppo hypo h-
eses H1a and H1b.
De ailed discussions o he con ol a iables a e omi ed he e,
gi en he seconda y ocus o his analysis. As depic ed in Table 1, he
coe ficien s o he wo-s age equa ions exhibi posi i e significance
a he 10 %, 10 %, and 5 % le els, espec i ely. This unde sco es he
impe a i e na u e o add essing sample selec i i y issues, necessi a -
ing he implemen a ion o he PSS model. Addi ionally, he iden ifica-
ion a iable mani es s posi i e and significan impac s a he 1 %
le el, a fi ming he easibili y and iden ifiabili y o he PSS model.
Consequen ly, he inco po a ion o he PSS model in his s udy is con-
side ed bo h necessa y and iable.
Robus es
Robus ness Tes I - Changing Independen Va iables. In his es ,
he independen a iable measu ing he access gap is modified o
eflec whe he he use u ilizes he in e ne o access. Addi ionally,
he ac o analysis me hod o assessing he use o channels and u il-
i y channel is subs i u ed wi h agg ega ion ia mean calcula ion. The
esul s a e delinea ed in Table 3.
Robus ness Tes II - Changing Con ol Va iables. This es in ol es
eplacing se e al con ol a iables: The amily labo a io is subs i-
u ed wi h he amily suppo a io (compu ed as 1 minus he amily
labo a io). The defini ion o he householde ’s educa ion le el is
e ised o assign a alue o 1 o heads o households wi h a high
school educa ion o highe , and 0 o hose wi h lowe educa ional
a ainmen . In addi ion, add he pe capi al GDP o he p o ince. The
esul s a e p esen ed in Table 3.
Table 3
Robus ness es esul s.
Robus ness Tes I - Changing Independen Va iables
VARIABLES (1) (2) (3) (4) (5) (6)
engage need engage need engage need
access gap -0.0030 0.0030
(0.0089) (0.0054)
usage gap -0.0608*** -0.0345***
(0.0071) (0.0073)
u ili y gap -0.0288
**
-0.0129*
(0.0141) (0.0073)
Obs 6056 6056 6056
Robus ness Tes II - Changing Con ol Va iables
VARIABLES (1) (2) (3) (4) (5) (6)
engage need engage need engage need
access gap -0.0020 0.0033
(0.0079) (0.0068)
usage gap -0.0588*** -0.0291***
(0.0083) (0.0094)
u ili y gap -0.0247
**
-0.0121*
(0.0124) (0.0069)
Obs 6056 4603 4603
Robus ness Tes III - Changing Ex eme Value Samples
VARIABLES (1) (2) (3) (4) (5) (6)
engage need engage need engage need
access gap -0.0024 0.0019
(0.0086) (0.0050)
usage gap -0.0499*** -0.0241***
(0.0061) (0.0044)
u ili y gap -0.0208
**
-0.0104*
(0.0102) (0.0058)
Obs 6056 4603 4603
Robus ness Tes IV - Conside ing Endogenei y P oblem
VARIABLES (1) (2) (3) (4) (5) (6)
engage need engage need engage need
access gap -0.0023 0.0019
(0.0082) (0.0040)
usage gap -0.0488*** -0.0274***
(0.0075) (0.0051)
u ili y gap -0.0201
**
-0.0117*
(0.0100) (0.0066)
Obs 6056 4603 4603
Fo simplici y, only he es ima ed esul s o he independen a iables a e epo ed he e, he o he no es
a e he same as Table 2.
P. Li, Q. Li and X. Li Jou nal o Inno a ion & Knowledge 9 (2024) 100488
8
