Survey analysis reveals subjective financial literacy gap affects stock market access, indicating risk preference and overconfidence as key factors.
This study uses data from the 2019 China Household Finance Survey (CHFS) to explore the impact of the subjective financial literacy gap on household stock market participation. The findings indicate that the subjective financial literacy gap reduces the probability of household stock market participation, and that risk preference and overconfidence act as mediators in this relationship. Furthermore, unemployment amplifies the negative effect of the subjective financial literacy gap, whereas higher digital literacy weakens it.
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Liao et al. (2025) studied this question.
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