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FinTech and household finance: a review of the empirical literature

Sumit Agarwal (Department of Economics, Finance and Real Estate, National University of Singapore, Singapore, Singapore)
Yeow Hwee Chua (Department of Economics, National University of Singapore, Singapore, Singapore)

China Finance Review International

ISSN: 2044-1398

Article publication date: 19 May 2020

Issue publication date: 22 September 2020




This paper reviews recent advances in the empirical literature of FinTech and household finance.


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.


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.


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



We thank Kylie Lim and Enqi Teo for outstanding research assistance.


Agarwal, S. and Chua, Y.H. (2020), "FinTech and household finance: a review of the empirical literature", China Finance Review International, Vol. 10 No. 4, pp. 361-376.



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