Frontiers in Business, Economics and Management ISSN: 2766-824X | Vol. 16, No. 1, 2024 1 Research on the Current Situation and Problems of the Use of Digital Inclusive Finance -- Taking Guangzhou University Students as an Example Siying He Guangzhou Yushan Middle School, China 18122367474 @163.com Abstract: This study aims to investigate the use of digital inclusive finance among college students in Guangzhou and its influencing factors. Through the questionnaire survey and data analysis, the popularity, willingness to use, and barriers to the use of digital inclusive finance among college students are found, and the reasons behind them are analysed and discussed, which provide references and suggestions for promoting the application of digital inclusive finance among the college student population. Keywords: Digital financial inclusion, University students, Current state of use. 1. Introduction With the development of digital technology and changes in the financial industry, digital inclusive finance, as a new type of financial service, has gradually become an important way to improve financial inclusion and increase the efficiency of financial services. As a young group, college students' acceptance and use of digital inclusive finance has attracted much attention under the influence of digital lifestyles. However, there is a lack of research on the use of digital inclusive finance among college students in Guangzhou, and this study aims to fill this gap. 2. Research methodology Using a questionnaire survey, students from major universities in Guangzhou were randomly selected as survey respondents to collect data on the use of digital inclusive finance, the experience of using it, and the barriers to using it. Through statistical analysis and correlation analysis, key factors affecting the use of digital inclusive finance are explored. 3. Purpose of the study 3.1. Investigate the popularity of digital financial inclusion among university students in Guangzhou 3.1.1. Sample description Demographic characteristics can be obtained from the analysis of the valid sample data, as shown in Table 1. The distribution of the sample among the characteristic factors can be obtained from Table 1: (1) The questionnaire recovered a total of 264 valid samples, of which 46.59% were male and 53.41% were female, with the ratio of male to female close to 1:1. The gender balance of the survey respondents indicates that the results of the survey have a certain degree of scientific validity and representativeness; (2) The academic qualifications of the survey respondents were screened to leave only undergraduate students studying in Guangzhou City. Among them, there were 71 freshmen, 62 sophomores, 58 juniors and 73 seniors, accounting for 26.89 per cent, 23.48 per cent, 21.97 per cent and 27.65 per cent of the sample size, respectively, with a relatively balanced distribution of survey respondents across all grades, indicating the results of the survey; (3) From the statistics on majors, there are 42 people in arts, 56 in business, 71 in science and technology, 30 in agriculture, 32 in medicine and 33 in art, accounting for 15.91%, 21.21%, 26.89%, 11.35%, 12.12% and 12.50% of the sample size respectively. The distribution of respondents' majors shows that every major is covered, with science and technology having the largest number of respondents, followed by business, indicating that the survey results are somewhat comprehensive. (4) There are seven options for the income level of this statistic, which are monthly income of 1,000~1,500 CNY for 61 people, accounting for 23.11% of the overall ratio; monthly income of 1,500~2,000 CNY for 61 people, accounting for 23.11% of the overall ratio; monthly income of 2,000~2,500 CNY for 31 people, accounting for 11.74% of the overall ratio; monthly income of 2,500 The total number of people with monthly income of 2,500~3,000 CNY is 65, accounting for 24.62% of the total; the total number of people with monthly income of 3,000~3,500 CNY is 35, accounting for 13.26% of the total; the total number of people with monthly income of 4,000~4,500 CNY is 4, accounting for 1.52% of the total; the total number of people with monthly income of more than 5,000 CNY is 7, accounting for 2.65% of the total. From the sample recovery, most university students in Guangzhou now earn 2,500~3,000 CNY per month, followed by 1,000~2,000 CNY, 3,000~3,500 CNY and 2,000~2,500 CNY, and there are fewer university students earning more than 4,000 CNY per month. 2 Table 1. Statistical descriptive analysis of the sample name (of a thing) options (as in computer software settings) Frequency Percentage (%) 1. Please select the city. Guangdong - Guangzhou 264 100.00 2. Your gender male 123 46.59 women 141 53.41 3. Your academic qualifications undergraduate (adjective) 264 100.00 4. Your grade in school first-year university student 71 26.89 second-year university student 62 23.48 third-year university student 58 21.97 fourth-year university student 73 27.65 5. Your speciality is humanities 42 15.91 Shangke corporation, PRC IT company (since 1994) 56 21.21 science and engineering as academic subjects 71 26.89 agronomy 30 11.36 study of medicine 32 12.12 artists 33 12.50 6. Your income level 1000~1500 CNY 61 23.11 1500~2000 CNY 61 23.11 2000~2500 CNY 31 11.74 2500~3000 CNY 65 24.62 3000~3500 CNY 35 13.26 4000~4500 CNY 4 1.52 5000 or more 7 2.65 7. Your consumption level Less than 1000 91 34.47 1000~2000 CNY 100 37.88 2000~3000 CNY 66 25.00 3000~4000 CNY 3 1.14 4000~5000 CNY 3 1.14 5000 or more 1 0.38 (5) There are six options for the consumption level of this statistic, which are monthly consumption of less than 1,000 CNY 91 people, accounting for 34.47% of the overall ratio; monthly consumption of 1,000~2,000 CNY 100 people, accounting for 37.88% of the overall ratio; monthly consumption of 2,000~3,000 CNY 66 people, accounting for 25.00% of the overall ratio; monthly consumption of 3,000~4,000 CNY 3 people, accounting for 1.14% of the overall ratio; monthly consumption of 4,000~5,000 CNY 3 people, accounting for 1.14% of the overall ratio; monthly consumption of 5,000 CNY and above 1.14%. The monthly consumption of 2,000~3,000 CNY is 66 people, accounting for 25.00% of the total; the monthly consumption of 3,000~4,000 CNY is 3 people, accounting for 1.14% of the total; the monthly consumption of 4,000~5,000 CNY is 3 people, accounting for 1.14% of the total; the monthly consumption of more than 5,000 CNY is 1 person, accounting for 0.38% of the total. In terms of sample recovery, there are more college students who spend less than 2,000 CNY per month, followed by those who spend 2,000~3,000 CNY per month, and there are fewer college students who spend more than 3,000 CNY per month. 3.1.2. Descriptive statistical analysis of research variables From the valid sample data, frequency analysis and multiple response analysis (The multiple response analyses are shown in Table 2, Table 3, Table 5, Table 7, Table 8, Table 9, Table 10, Table 11, and Table 12, where n represents the responses made by the valid sample data for this survey, the response rate represents the overall proportion of n values in this option to the aggregated n values, and the prevalence rate represents the overall proportion of n values in this option to the total number of 264 people in this valid sample. Because the prevalence rate is relatively more representative, this thesis focuses on describing the prevalence rate.) were conducted on the single-choice and multiple-choice questions in the questionnaire respectively to obtain the current status of the use of digital financial inclusion by university students in Guangzhou city, details are as follows: (1) Types of digital financial inclusion products used Table 2. Summary of response rates and penetration rates for types of digital financial inclusion products used Grid term (in a mathematical formula) responsive Prevalence (n=264) n response rate 9. (Sweeping code payment) 204 20.30 per cent 77.27 per cent 9. (Subsistence contributions) 129 12.84 per cent 48.86 per cent 9. (Online shopping) 201 20.00 per cent 76.14 per cent 9. (Remittances) 87 8.66 per cent 32.95 per cent 9. (Purchase of insurance) 182 18.11 per cent 68.94 per cent 9. (Investment finance) 160 15.92 per cent 60.61 per cent 9. (Loan financing) 42 4.18 per cent 15.91 per cent 9. (Other) 0 0.00 per cent 0.00 per cent aggregation 1005 100% 380.68 per cent Goodness of fit test: χ2 = 322.085 p=0.000 As shown in Table 2, the total number of responses made by this valid sample is 1005 in total, in which code payment has the highest penetration rate among university students in Guangzhou nowadays, which is 77.27%. It is followed by online shopping with a penetration rate of 76.14 per cent, and 3 then by purchasing insurance, investing money, paying bills, transferring money and financing loans, with penetration rates of 68.94 per cent, 60.61 per cent, 48.86 per cent, 32.95 per cent and 15.91 per cent, respectively. (2) Commonly used payment methods Table 3. Commonly used payment methods term (in a mathematical formula) responsive Prevalence (n=264) n response rate 10. (Cash payments) 120 24.69 per cent 45.45 per cent 10. (Bank card payments) 172 35.39 per cent 65.15% 10. (WeChat or Alipay) 171 35.19 per cent 64.77 per cent 10. (Chanting, Jingdong Baijiao and other credit loans) 23 4.73 per cent 8.71 per cent aggregation 486 100% 184.09 per cent Goodness of fit test: χ2 = 121.029 p=0.000 As can be seen from Table 3, the total number of responses made by this valid sample was a total of 486, of which bank card payment was the most popular, with a prevalence rate of 65.15 per cent, followed by WeChat or Alipay, with a prevalence rate of 64.77 per cent, cash payment prevalence rate of 45.45 per cent, and the least amount of credit, with a prevalence rate of only 8.71 per cent. (3) Current status of the use of digital financial inclusion Table 4. Survey on the Current Status of Digital Financial Inclusion Usage name (of a thing) options (as in computer software settings) Frequ ency Percenta ge (%) 11. Your average daily frequency of using digital payment methods 1~3 times 113 42.80 4 to 10 times 119 45.08 11-15 times 15 5.68 15 or more 17 6.44 add up the total 264 100.0 12. Have you ever applied for a credit loan (including consumer credit such as Ant Chants and Jingdong Baijiao) be 193 73.11 clogged 71 26.89 add up the total 264 100.0 13. Through what channel did you apply for the credit facility (n=193) bank loan 103 53.37 Rural Credit Union 63 32.64 Digital Financial Institutions 27 13.99 add up the total 264 100.0 14. Have you ever purchased investment financial products be 94 35.61 clogged 170 64.39 add up the total 264 100.0 Table 5. Main Ways of Purchasing Investment Financial Products term (in a mathematical formula) responsive Prevalence (n=94) n response rate 15. (Bank counters) 60 35.09 per cent 63.83 per cent 15. (Internet or mobile banking) 55 32.16 per cent 58.51 per cent 15. (Third-party payment platforms (WeChat, Alipay, etc.)) 31 18.13 per cent 32.98 per cent 15. (Other financial apps) 25 14.62 per cent 26.60 per cent 15. (Other) 0 0.00 per cent 0.00 per cent aggregation 171 100% 181.91 per cent Goodness of fit test: χ2 = 69.088 p=0.000 Table 4 shows that digital payment methods occupy a relatively important position in the daily life of university students in Guangzhou, and those who have applied for credit loans account for 73.11% of the total, which is more than 26.89% of those who have not applied for credit loans. Among the ways of applying for credit loans, the largest number of college students, 53.37 per cent overall, used bank loans, followed by rural credit unions, 32.64 per cent, and digital financial institutions, 13.99 per cent, the least. In addition, there are more college students who have not purchased investment financial products than those who have purchased investment financial products, and according to Table 5, it can be concluded that among the college students who have purchased investment financial products, most of them have purchased them through bank counters, as well as online or mobile banking, and some of them have purchased them through third-party payment platforms and other financial apps. 3.2. Analyse the factors influencing university students' use of digital financial inclusion (1) Knowledge of digital financial inclusion and acceptance of it Table 6. Results of frequency analysis name (of a thing) options (as in computer software settings) Frequ ency Percenta ge (%) 16. Do you understand digital financial inclusion? unknown 28 10.61 not heard of 92 34.85 relatively knowledgeable 136 51.52 realise 8 3.03 add up the total 264 100.0 100.0 18. Would you like to access financial services in the form of digital financial inclusion? be 216 81.82 clogged 48 18.18 add up the total 264 100.0 100.0 Table 6 shows that the number of university students in Guangzhou City who are more aware of digital financial inclusion is higher, with a total of 136 people accounting for 51.52% of the total ratio; then the number of people who have never heard of it is 92 people, accounting for 34.85% of the overall ratio; the number of people who don't know about it is 4 28 people, accounting for 10.61% of the overall ratio; and the number of people who know about it very well is 8 people, accounting for 3.03% of the overall ratio. And there is a general willingness among college students to obtain financial services in the form of digital inclusive finance, indicating that college students are highly receptive to new things and have a certain degree of judgement about things. (2) Factors in the use of digital financial inclusion Table 7. Channels for understanding digital financial inclusion term (in a mathematical formula) responsive Prevalence (n=144) n response rate 17. (Newspaper and television news) 18 5.61 per cent 12.50% 17. (Financial awareness- raising activities) 125 38.94 per cent 86.81 per cent 17. (Financial institution counters) 78 24.30 per cent 54.17 per cent 17. (Public push) 99 30.84 per cent 68.75 per cent 17. (Other) 1 0.31 per cent 0.69 per cent aggregation 321 100% 222.92 per cent Goodness of fit test: χ2 = 174.872 p=0.000 Table 8. What form of digital financial inclusion would you use to access financial services if you wanted to? term (in a mathematical formula) responsive Prevalence (n=216) n response rate 19. (Digital payments) 103 27.39 per cent 47.69 per cent 19. (Credit facilities) 61 16.22 per cent 28.24 per cent 19. (Investment finance) 78 20.74 per cent 36.11 per cent 19. (Digital storage accounts) 43 11.44 per cent 19.91 per cent 19. (Insurance) 88 23.40 per cent 40.74 per cent 19. (Other) 3 0.80 per cent 1.39 per cent aggregation 376 100% 174.07 per cent Goodness of fit test: χ2=102.979 p=0.000 Table 9. If not, what are the reasons why you are not willing to use digital financial inclusion? term (in a mathematical formula) responsive Prevalence (n=48) n response rate 20. (Distrust for personal reasons) 34 29.57 per cent 70.83 per cent 20. (Lack of understanding of policy, lack of interpretation) 27 23.48 per cent 56.25 per cent 20. (Rejection of digital financial products) 22 19.13 per cent 45.83 per cent 20. (Inadequate hardware facilities) 5 4.35 per cent 10.42 per cent 20. (Derivatives are not popular enough) 12 10.43 per cent 25.00 per cent 20. (Not easy to operate, more cumbersome) 15 13.04 per cent 31.25 per cent aggregation 115 100% 239.58 per cent Goodness of fit test: χ2 = 29.157 p=0.000 Table 7 shows that financial publicity activities accounted for the highest penetration rate of 86.81 per cent among the channels through which university students in Guangzhou learnt about digital financial inclusion, followed by public number push, with a penetration rate of 68.75 per cent, and then financial institutions' counters and newspapers and TV news, with a penetration rate of 54.17 per cent and 12.50 per cent, respectively. This shows that financial publicity campaigns and public number pushes are powerful digital means of promoting financial inclusion. Table 8 shows that among university students in Guangzhou City, they would be more likely to use digital payment to access digital inclusive financial services, followed by insurance, investment and finance, credit loans, and digital storage accounts. Table 9 shows that the number of people who do not use digital financial services for personal reasons of distrust is the highest. Then there is a lack of understanding of the policy, lack of interpretation, rejection of digital financial products, not easy to operate more troublesome, derivatives are not popular enough, and insufficient hardware facilities. This shows that financial inclusion needs to be further promoted by digital means and still requires more innovation. 3.3. Explore strategies and recommendations to increase the use of digital financial inclusion among university students. According to the sample recovery in Table 10, most of the university students in Guangzhou believe that the convenience brought by digital financial inclusion is in line with the birth concept of financial inclusion: "to provide appropriate and effective financial services at affordable costs to all social strata and groups with financial service needs." This is in line with the concept of financial inclusion. Table 11 shows that when using digital financial inclusion some people think it is fine; most people think that digital financial inclusion services will promote the over-occurrence of malpractice and that there are large regulatory gaps and a lack of inclusion; and a few people think that there will be a high incidence of financial fraud. From Table 12, it can be seen that the development of digital financial inclusion, first of all, we need to publicity in place to increase the popularity; secondly, the digital means 5 technology should be growing day by day, and the rule of law in society needs to be well managed in order to let everyone feel more at ease to put it into use; in addition to the need to innovate and personalise the design, to improve customer interest as well as to increase the stickiness. Table 10. What digital financial inclusion facilitates term (in a mathematical formula) responsive Prevalence (n=264) n response rate 21. (Lowering the threshold for financial services, providing access to loans, investments, insurance, etc.) 164 26.67 per cent 62.12 per cent 21. (Reduced transaction costs) 59 9.59 per cent 22.35 per cent 21. (Increased sources of income) 61 9.92 per cent 23.11 per cent 21. (Reduces the cost of financial services and promotes universal access to financial services) 184 29.92 per cent 69.70 per cent 21. (Promotes information sharing and overcomes information asymmetry) 115 18.70 per cent 43.56 per cent 21. (Integration of the Internet and the real economy to promote the development of industry, markets and society) 32 5.20 per cent 12.12 per cent aggregation 615 100% 232.95 per cent Goodness of fit test: χ2 = 186.980 p=0.000 Table 11. What problems are encountered or exist when using digital financial inclusion term (in a mathematical formula) responsive Prevalence (n=264) n response rate 22. (No problem) 154 19.47 per cent 58.33 per cent 22. (Contribute to the incidence of undesirable overspending) 195 24.65 per cent 73.86 per cent 22. (Large regulatory gaps) 138 17.45 per cent 52.27 per cent 22. (Lack of universality) 183 23.14 per cent 69.32 per cent 22. (High incidence of financial fraud) 97 12.26 per cent 36.74 per cent 22. (Other) 24 3.03 per cent 9.09 per cent aggregation 791 100% 299.62 per cent Goodness of fit test: χ2 = 151.546 p=0.000 Table 12. Areas for improvement in digital financial inclusion services term (in a mathematical formula) responsive Prevalence (n=264) n response rate 23. (Policy advocacy needs to be deepened and is not sufficiently widespread) 85 10.28 per cent 32.20 per cent 23. (Digital technology to be improved, coverage not available) 206 24.91 per cent 78.03 per cent 23. (Inadequate personalisation) 150 18.14 per cent 56.82 per cent 23. (The legal environment needs to be improved) 202 24.43 per cent 76.52 per cent 23. (Safety and security mechanisms need to be improved and regulatory policies need to be improved) 179 21.64 per cent 67.80 per cent 23. (Other) 5 0.60 per cent 1.89 per cent aggregation 827 100% 313.26 per cent Goodness of fit test: χ2 = 225.220 p=0.000 4. Results (1) College students generally have a high level of awareness of digital financial inclusion, but the actual usage rate still needs to be improved; (2) The main factors affecting college students' use of digital financial inclusion include: level of awareness, level of financial knowledge, ease of use, and security; (3) The main usage scenarios of digital financial inclusion by university students include: online payment, wealth management and money transfer. 5. Discussion and Recommendations (1) Raising the level of awareness of digital financial inclusion among university students and strengthening related education and training; (2) Improve the digital inclusive financial service system and enhance user experience and security; (3) Strengthening the promotion of digital inclusive financial products and guiding university students to use digital financial services more conveniently. 6. Conclusion The use of digital financial inclusion among university students in Guangzhou is affected by a variety of factors, and increasing the use of digital financial inclusion among university students requires comprehensive consideration of factors such as education, technology and services, as well as 6 the adoption of appropriate strategies and measures. Future research can further explore the effects and influencing factors of the application of digital inclusive finance in the college student population. References [1] World Bank Group. (2018). 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