婚姻、个人生命周期对金融排斥的影响OACHSSCD

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 re-verses as individuals age:during middle and later life stages,married individuals exhibit a sub-stantially lower probability of financial exclusion than unmarried individuals.In the early life-cy-cle 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 will-ingness 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.