Consumers’ Behavioral Willingness to Use Green Financial Products: An Empirical Study within a Theoretical Framework

Abstract

In an era marked by the expansion of the Internet economy and the intensification of environmental concerns, the convergence of digital finance and green finance has emerged as a significant global trend. China’s Alipay Ant Forest, an innovative green financial product, has successfully quantified carbon emission reductions resulting from users’ green consumption patterns, establishing the first carbon account-based green financial product and pioneering an innovative “green finance plus gamification” model. However, the academic literature has not fully explained the underlying mechanisms that drive consumer engagement with such green financial products. This study, motivated by the academic question of what factors influence consumers’ willingness to use green financial products, employs Ant Forest as a case study and develops a novel structural equation model based on self-determination theory, customer-perceived value, and the technology acceptance model. The model incorporates user type as a control variable and considers autonomy, gamification, and bonuses as key independent variables, with customer-perceived value serving as a mediating variable. Data collection involved 606 participants, enabling a comprehensive analysis of the factors influencing users’ willingness to engage with green financial products. The findings support the proposed hypothesis, identifying several significant predictors of users’ willingness to use green financial products, with the exception of age. This study advances the theoretical understanding of consumer behavior towards green financial products by integrating self-determination theory, customer-perceived value, and the technology acceptance model, while also offering practical insights for marketing strategies. It explores the interface between digital finance, environmental sustainability, and consumer behavior, highlighting opportunities for financial institutions to leverage Internet applications to promote green financial services and enhance their marketing approaches to influence consumer adoption.