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FinTech and household finance: a review of the empirical literature

Author

Listed:
  • Sumit Agarwal
  • Yeow Hwee Chua

Abstract

Purpose - This paper reviews recent advances in the empirical literature of FinTech and household finance. Design/methodology/approach - We survey the effects of FinTech on three different aspects of household finance: payments, lending and portfolio decisions. Specifically, we examine the impact of digital payments, mobile money, FinTech lending, marketplace lending, robo-advising and crowd-funding. Findings - Studies suggest that FinTech has positively benefited households by increasing consumption and borrowing. This allows them to smoothen their consumption across time. Furthermore, there is an improvement in their portfolio diversification. Nonetheless, there is also evidence that certain households overconsume and borrow beyond their means. Originality/value - Despite the importance of this topic, there has been a lack of empirical evidence until recently. In this paper, we take stock of the empirical evidence in the literature through the lens of household finance

Suggested Citation

  • Sumit Agarwal & Yeow Hwee Chua, 2020. "FinTech and household finance: a review of the empirical literature," China Finance Review International, Emerald Group Publishing Limited, vol. 10(4), pages 361-376, May.
    • Handle: RePEc:eme:cfripp:cfri-03-2020-0024
    DOI: 10.1108/CFRI-03-2020-0024
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    More about this item

    Keywords

    FinTech; Household finance; Payments; Lending; Portfolio Investments; D1; E4; G2;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • G2 - Financial Economics - - Financial Institutions and Services

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