The Impact of Financial Inclusion on Well-being in Vietnam
Date Published:
07/08/2026
Online Published:
08/08/2026
Section:
Economics and Economic Management
Main Article Content
Abstract
Purpose: This study aims to examine the effect of financial inclusion on subjective well-being by utilizing the dataset of 3,000 observations in two main surveys where required data are available.
Design/Methodology/Approach: Our study utilizes both Oster’s (2019) method and kinky least squares (KLS) techniques to ensure the robustness of the empirical results. The data cover 3,000 observations in two main surveys.
Findings: Our findings show that financial inclusion positively influences Vietnamese subjective well-being, with a one-standard-deviation increase in the financial inclusion index leads to a 0.192 unit increase in subjective well-being. Moderation analysis indicates that there is a regional effect in our findings, meaning that financial inclusion improves subjective well-being in all regions including the North region, the Central region, and the South region. However, the effect is smallest in the South region where the North region experiences the largest effect of financial inclusion on well-being. We also explore three mediating channels through which financial inclusion enhances subjective well-being across regions in Vietnam, namely income rank, the possibility of coming up with emergency funds, and educational attainment
Originality/Value: Financial inclusion has generally been considered key pillar in supporting sustainable economy growth and social transformation in Vietnam by 2030. Exploring how financial inclusion influences subjective well-being is particularly important in Vietnam, a country undergoing rapid economic transformation and facing persistent social challenges that may affect the subjective well-being of Vietnamese citizens.
Keywords
Financial inclusion; Subjective Well-being; Mediation analysis; Vietnam regions
Article Details
Field of Economic (JEL Codes)
B23 - Econometrics • Quantitative and Mathematical Studies - History of Economic Thought since 1925, D14 - Household Saving • Personal Finance - Household Behavior and Family Economics, J31 - Wage Level and Structure • Wage Differentials - Wages, Compensation, and Labor Costs
References
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Ambrosetti, E., & Paparusso, A. (2021). What are the main factors associated with immigrants’ subjective well‐being in Italy? Evidence from self‐reported life satisfaction. International Migration, 59(4), 221–237. https://doi.org/https://doi.org/10.1111/imig.12780
Becchetti, L., & Conzo, G. (2022). The gender life satisfaction/depression paradox. Social Indicators Research, 160(1), 35–113. https://doi.org/https://doi.org/10.1007/s11205-021-02740-5
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Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial inclusion and economic growth: International evidence. Emerging Markets Finance and Trade, 57(1), 239–263. https://doi.org/https://doi.org/10.1080/1540496X.2019.1697672
Veenhoven, R. (2011). Happiness: Also known as “life satisfaction” and “subjective well-being.” In Handbook of Social Indicators and Quality of Life Research (pp. 63–77). Dordrecht: Springer Netherlands. https://doi.org/https://doi.org/10.1007/978-94-007-2421-1
Vo, D. H., Nguyen, N. T., & Van, L. T. H. (2021). Financial inclusion and stability in the Asian region using bank-level data. Borsa Istanbul Review, 21(1), 36–43. https://doi.org/https://doi.org/10.1016/j.bir.2020.06.003
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Al-Hanawi, M. K., Chirwa, G. C., Kamninga, T. M., & Manja, L. P. (2020). Effects of financial inclusion on access to emergency funds for healthcare in the Kingdom of Saudi Arabia. Journal of Multidisciplinary Healthcare, 1157–1167. https://doi.org/https://doi.org/10.2147/JMDH.S277357
Ambrosetti, E., & Paparusso, A. (2021). What are the main factors associated with immigrants’ subjective well‐being in Italy? Evidence from self‐reported life satisfaction. International Migration, 59(4), 221–237. https://doi.org/https://doi.org/10.1111/imig.12780
Becchetti, L., & Conzo, G. (2022). The gender life satisfaction/depression paradox. Social Indicators Research, 160(1), 35–113. https://doi.org/https://doi.org/10.1007/s11205-021-02740-5
Blanchflower, D. G., & Oswald, A. J. (2004). Well-being over time in Britain and the USA. Journal of Public Economics, 88(7–8), 1359–1386. https://doi.org/https://doi.org/10.1016/S0047-2727(02)00168-8
Boyce, C. J., Brown, G. D., & Moore, S. C. (2010). Money and happiness: Rank of income, not income, affects life satisfaction. Psychological Science, 21(4), 471–475. https://doi.org/https://doi.org/10.1177/0956797610362671
Brown, S., & Gray, D. (2016). Household finances and well-being in Australia: An empirical analysis of comparison effects. Journal of Economic Psychology, 53, 17–36. https://doi.org/https://doi.org/10.1016/j.joep.2015.12.006
Bruhn, M., & Love, I. (2014). The real impact of improved access to finance: Evidence from Mexico. The Journal of Finance, 69(3), 1347–1376. https://doi.org/https://doi.org/10.1111/jofi.12091
Checa, I., Perales, J., & Espejo, B. (2019). Measurement invariance of the Satisfaction with Life Scale by gender, age, marital status and educational level. Quality of Life Research, 28, 963–968. https://doi.org/https://doi.org/10.1007/s11136-018-2066-2
Chen, W. C. (2012). How education enhances happiness: Comparison of mediating factors in four East Asian countries. Social Indicators Research, 106, 117–131. https://doi.org/https://doi.org/10.1007/s11205-011-9798-5
Chen, Y., Peng, Y., & Fang, P. (2016). Emotional intelligence mediates the relationship between age and subjective well-being. The International Journal of Aging and Human Development, 83(2), 91–107. https://doi.org/https://doi.org/10.1177/0091415016648705
Clark, A. E., Frijters, P., & Shields, M. A. (2008). Relative income, happiness, and utility: An explanation for the Easterlin paradox and other puzzles. Journal of Economic Literature, 46(1), 95–144. https://doi.org/https://www.doi.org/10.1257/jel.46.1.95
Cuñado, J., & Gracia, F. P. (2012). Does education affect happiness? Evidence for Spain. Social Indicators Research, 108, 185–196. https://doi.org/https://doi.org/10.1007/s11205-011-9874-x
Dhawan, S. M., Wilson, K., & Zademach, H. M. (2024). From financial inclusion to financial health of refugees: Urging for a shift in perspective. Third World Quarterly, 45(5), 926–945. https://doi.org/https://doi.org/10.1080/01436597.2023.2264780
Diener, E., Sapyta, J. J., & Suh, E. (1998). Subjective well-being is essential to well-being. Psychological Inquiry, 9(1), 33–37. Retrieved from https://www.jstor.org/stable/1449607
Du, Q., Zhou, F., Yang, T., & Du, M. (2023). Digital financial inclusion, household financial participation and well-being: Micro-evidence from China. Emerging Markets Finance and Trade, 59(6), 1782–1796. https://doi.org/https://doi.org/10.1080/1540496X.2022.2153592
Easterlin, R. A., Angelescu, L., & Zweig, J. S. (2011). The impact of modern economic growth on urban–rural differences in subjective well-being. World Development, 39(12), 2187–2198. https://doi.org/https://doi.org/10.1016/j.worlddev.2011.04.015
Ferrer-i-Carbonell, A. (2005). Income and well-being: An empirical analysis of the comparison income effect. Journal of Public Economics, 89(5–6), 997–1019. https://doi.org/https://doi.org/10.1016/j.jpubeco.2004.06.003
Fonseca, J., & Matray, A. (2024). Financial inclusion, economic development, and inequality: Evidence from Brazil. Journal of Financial Economics, 156, 103854. https://doi.org/https://doi.org/10.1016/j.jfineco.2024.103854
Fuller, T. D., Edwards, J. N., Vorakitphokatorn, S., & Sermsri, S. (1996). Chronic stress and psychological well-being: Evidence from Thailand on household crowding. Social Science & Medicine, 42(2), 265–280. https://doi.org/https://doi.org/10.1016/0277-9536(95)00089-5
Gyasi, R. M., Adam, A. M., & Phillips, D. R. (2019). Financial inclusion, Health-Seeking behavior, and health outcomes among older adults in Ghana. Research on Aging, 41(8), 794–820. https://doi.org/https://doi.org/10.1177/0164027519846604
Gyasi, R. M., Frimpong, S., Amoako, G. K., & Adam, A. M. (2021). Financial inclusion and physical health functioning among aging adults in the sub-Saharan African context: Exploring social networks and gender roles. Plos One, 16(6), 0252007. https://doi.org/https://doi.org/10.1371/journal.pone.0252007
Gyasi, R. M., Frimpong, S., Lamptey, R. B., Amoako, G. K., Asiki, G., & Adam, A. M. (2022). Associations of financial inclusion with physical activity participation in later life. Heliyon, 8(7). https://doi.org/https://doi.org/10.1016/j.heliyon.2022.e09901
Hansson, A., Hillerås, P., & Forsell, Y. (2005). Well-being in an adult Swedish population. Social Indicators Research, 74, 313–325. https://doi.org/https://doi.org/10.1007/s11205-004-6168-6
Heyert, A., & Weill, L. (2024). Is financial inclusion a source of happiness? International Review of Financial Analysis, 96, 103717. https://doi.org/https://doi.org/10.1016/j.irfa.2024.103717
Immurana, M., Iddrisu, A. A., Boachie, M. K., & Dalaba, M. A. (2021). Financial inclusion and population health in Africa. Journal of Sustainable Finance & Investment, 1–16. https://doi.org/https://doi.org/10.1080/20430795.2021.1953929
Immurana, M., Iddrisu, A. A., Mohammed, Z., KK, M., & J, T. (2022). Access to basic drinking water and sanitation in Africa: Does financial inclusion matter? Cogent Social Sciences, 8(1), 2057057. https://doi.org/https://doi.org/10.1080/23311886.2022.2057057
Jawadi, F., Pondie, T. M., & Cheffou, A. I. (2025). New challenges for green finance and sustainable industrialization in developing countries: A panel data analysis. Energy Economics, 142, 108120. https://doi.org/https://doi.org/10.1016/j.eneco.2024.108120
Kamble, P. A., Mehta, A., & Rani, N. (2024). Financial Inclusion and Digital Financial Literacy: Do they Matter for Financial Well-being? Social Indicators Research, 171(3), 777–807. https://doi.org/https://doi.org/10.1007/s11205-023-03264-w
Kim, J. H. (2016). A study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), 498–512. https://doi.org/https://doi.org/10.1080/1540496X.2016.1110467
Kiviet, J. F. (2020). Testing the impossible: Identifying exclusion restrictions. Journal of Econometrics, 218(2), 294–316. https://doi.org/https://doi.org/10.1016/j.jeconom.2020.04.018
Koomson, I., Abdul-Mumuni, A., & Abbam, A. (2021). Effect of financial inclusion on out-of-pocket health expenditure: Empirics from Ghana. The European Journal of Health Economics, 22(9), 1411–1425. https://doi.org/https://doi.org/10.1007/s10198-021-01320-1
Koomson, I., Kofinti, R. E., & Laryea, E. (2024). Financial inclusion and multidimensional child poverty. Review of Economics of the Household, 22(1), 237–260. https://doi.org/https://doi.org/10.1007/s11150-022-09641-7
Kristoffersen, I. (2018). Great expectations: Education and subjective wellbeing. Journal of Economic Psychology, 66, 64–78. https://doi.org/https://doi.org/10.1016/j.joep.2018.04.005
Lei, X., Shen, Y., & Yang, L. (2023). Digital financial inclusion and subjective well-being–Evidence from China health and retirement longitudinal study. China Economic Review, 81, 102013. https://doi.org/https://doi.org/10.1016/j.chieco.2023.102013
Li, Y., & Peng, J. (2023). Digital financial inclusion and welfare: Effect, mechanism and imbalance. Plos One, 18(12), 0278956. https://doi.org/https://doi.org/10.1371/journal.pone.0278956
Luttmer, E. F. (2005). Neighbors as negatives: Relative earnings and well-being. The Quarterly Journal of Economics, 120(3), 963–1002. https://doi.org/https://doi.org/10.1093/qje/120.3.963
Magyar, J. L., & Keyes, C. L. M. (2019). Defining, measuring, and applying subjective well-being. In M. W. Gallagher & S. J. Lopez (Eds.), Positive Psychological Assessment: A Handbook of Models and Measures (2nd ed., pp. 389–415). American Psychological Association. https://doi.org/https://psycnet.apa.org/doi/10.1037/0000138-025
Mehrotra, A. N., & Yetman, J. (2015). Financial inclusion-issues for central banks. BIS Quarterly Review. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2580310
Ngamaba, K. H. (2017). Determinants of subjective well-being in representative samples of nations. The European Journal of Public Health, 27(2), 377–382. https://doi.org/https://doi.org/10.1093/eurpub/ckw103
Nikolova, M. (2016). Minding the happiness gap: Political institutions and perceived quality of life in transition. European Journal of Political Economy, 45, 129–148. https://doi.org/https://doi.org/10.1016/j.ejpoleco.2016.07.008
PAPI (2025). Báo cáo PAPI. Retrieved July 23, 2026, from PAPI website: https://papi.org.vn/bao-cao/
Park, S., & Gupta, S. (2012). Handling endogenous regressors by joint estimation using copulas. Marketing Science, 31(4), 567–586. https://doi.org/https://doi.org/10.1287/mksc.1120.0718
Rahman, S. (2024). The importance of green patents for CDS pricing: The role of environmental disclosures. Energy Economics, 139, 107905. https://doi.org/https://doi.org/10.1016/j.eneco.2024.107905
Razak, A. A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 59, 101557. https://doi.org/https://doi.org/10.1016/j.ribaf.2021.101557
Source of Asia (2024, December 4). Vietnam Economic Outlook 2024-2025. Retrieved July 23, 2026, from Source of Asia website: https://www.sourceofasia.com/vietnam-economic-outlook-2024-2025/
Swamy, V. (2014). Financial inclusion, gender dimension, and economic impact on poor households. World Development, 56, 1–15. https://doi.org/https://doi.org/10.1016/j.worlddev.2013.10.019
Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial inclusion and economic growth: International evidence. Emerging Markets Finance and Trade, 57(1), 239–263. https://doi.org/https://doi.org/10.1080/1540496X.2019.1697672
Veenhoven, R. (2011). Happiness: Also known as “life satisfaction” and “subjective well-being.” In Handbook of Social Indicators and Quality of Life Research (pp. 63–77). Dordrecht: Springer Netherlands. https://doi.org/https://doi.org/10.1007/978-94-007-2421-1
Vo, D. H., Nguyen, N. T., & Van, L. T. H. (2021). Financial inclusion and stability in the Asian region using bank-level data. Borsa Istanbul Review, 21(1), 36–43. https://doi.org/https://doi.org/10.1016/j.bir.2020.06.003
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How to Cite
Van, T. H. L., Pham, T. K., Ho, M. C., & Vo, H. D. (2026). The Impact of Financial Inclusion on Well-being in Vietnam. Journal of Finance - Marketing Research, 17(1enes), 50-67. https://doi.org/10.52932/jfmr.v17i1enes.1427