An Empirical Analysis of the Influence of Financial Literacy on Family Cultural Consumption – Based on the Data from CFPS


Financial literacy
Cultural consumption
Tobit model
Regional differences




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.


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