关键词: 数字金融, 老年人群, 风险资产, 财产性收入, 数字鸿沟

Abstract: Using data from the China Health and Retirement Longitudinal Study (CHARLS) and the Digital Inclusive Finance Index from Peking University, this paper investigates the impact of digital finance development on the investment behavior in financial risk assets among elderly Chinese. It is found that digital finance development significantly increases both the likelihood and the amount of investments in financial risk assets by the elderly, thereby contributing to an increase in their property income. Digital finance development exerts a greater influence on elderly individuals who are more educated and reside in urban and eastern regions, suggesting that the impact is still constrained by the “digital divide”. Additionally, this paper also finds that the improvement in financial service convenience brought about by the development of digital finance, the diversification of information acquisition channels for the elderly population, and the rise in individual risk preference levels are potential mediating mechanisms. Based on these findings, this paper suggests that China should continue to promote the development of digital finance, popularize related services among disadvantaged elderly groups, and strengthen targeted financial education for the elderly population.

Key words: Digital Finance, Elderly Population, Risky Asset, Property Income, Digital Divide