Improving residents' financial knowledge level and optimizing the effectiveness of household financial asset portfolio are of great practical significance for comprehensively promoting consumption, steadily expanding domestic demand and constructing a new development pattern of "double circulation" proposed in the Outline of the 14th Five-Year Plan. Based on residents' financial knowledge level, this paper uses the micro survey data of China Household Finance Survey (CHFS) in 2019 to empirically analyze how residents' financial knowledge level affects household consumption expenditure by affecting the effectiveness of household financial asset portfolio.

Pan Tianpei. The Impact of Financial Literacy on Household Consumption: Empirical Analysis Based on CHFS2019 Survey Data. Academic Journal of Business & Management (2023) Vol. 5, Issue 23: 67-76. https://doi.org/10.25236/AJBM.2023.052311.

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