The development of inclusive finance is of great significance for promoting development, stabilizing employment and protecting people"s livelihood. Considering that informal financial services are an important complement to inclusive finance, this paper analyzes the heterogeneous effects of formal and informal financial services on the employment of different groups, based on data from the 2014 and 2017 World Bank Global Financial Inclusion Survey. (1) Among youth groups, formal account services, formal savings services and formal credit financial services have a significant employment-enhancing effect. (2) Formal credit services and digital financial services do not contribute significantly to employment for rural groups compared to urban groups. (3) Informal credit services have a significant contribution to the employment of different groups. The results remain robust after taking into account proxy indicators for employment replacement, inclusive finance, the use of samples from different years and endogenous problems such as propensity score matching to reduce sample selectivity bias. Finally, it is proposed to actively promote the breadth and depth of inclusive financial services and to increase the pulling effect of inclusive financial services on the employment of different groups.