<p>Digital finance has driven innovation and development in the financial industry, bringing substantial changes to the process of purchasing financial products and services. These shifts have also resulted in qualitative changes in the risks associated with financial products and services, some of which can significantly affect financial consumers’ rights and interests. To effectively protect financial consumers’ rights in the digital age, these shifts must be quantified. This study proposes specific indicators that affect financial consumer protection from the perspectives of financial fairness, financial security, and financial freedom. Using these indicators, a digital financial consumer protection composite index is developed using principal component analysis. This index is then empirically applied to examine the effectiveness of financial consumer protection in China from 2012 to 2021. It provides a clear picture of the financial consumer status in China. The performance of each principal component of the index generally aligns with recent trend in the operation of China’s financial market. This study’s index offers a new way to evaluate changes in financial consumer protection in the digital era, providing valuable data to support future improvements in the protection of their rights and interests.</p>