| 婚姻、个人生命周期对金融排斥的影响——基于CHFS的经验证据 |
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| 引用本文：刘倩1,2，游易亨3，展凯1,2，米运生4.婚姻、个人生命周期对金融排斥的影响——基于CHFS的经验证据[J].财经理论与实践,2026,(2):43-50 |
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| 中文摘要:采用2011—2021年六轮中国家庭金融调查（CHFS）数据，运用固定效应、分组固定效应和系统广义矩等模型，探究婚姻、个人生命周期对金融排斥的影响。研究表明，年轻阶段已婚个体面临金融排斥的概率显著高于单身者；但随着年龄增长，该趋势逐步反转，中老年阶段已婚者的金融排斥概率显著低于单身者。在生命周期早期，容易处于金融排斥的个体将倾向于选择与相似特征的个体结婚，而随着生命周期进入中后期，婚姻会帮助已婚者增强风险分担能力，提升风险资产持有意愿，降低金融排斥概率。鉴于此，政府应对不同年龄群体制定相应政策，有效促进婚姻缔结，缓解家庭金融排斥。 |
| 中文关键词:婚姻 个人生命周期 金融排斥 自我选择 金融包容 |
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| The Effect of Marriage and Individual Life Cycle on Financial Exclusion: Empirical Evidence Based on CHFS |
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| Abstract:Leveraging on 6 waves of data from biannual China Household Finance Survey (CHFS) from 2011 to 2021, we employ fixed effects models, grouped fixed effects models, and the system generalized method of moments (GMM) to examine how marriage and the individual life cycle affect financial exclusion. We find at early stages of life cycle, married individuals are more likely to stay in financial exclusion than unmarried counterparts. This pattern gradually reverses as individuals age: during middle and later life stages, married individuals exhibit a substantially lower probability of financial exclusion than unmarried individuals. In the early life-cycle stage, individuals with a higher risk of financial exclusion tend to marry partners with similar socioeconomic characteristics, consistent with assortative mating. As individuals progress through the life cycle, marriage strengthens household risk-sharing capacity and increases willingness to hold risky assets, thereby mitigating financial exclusion. We suggest that policymakers should adopt age-specific policy interventions that promote marital stability and effectively reduce household-level financial exclusion. |
| keywords:marriage individual life cycle financial exclusion self selection financial inclusion |
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