Role Of Digital Financial Inclusion In Shaping Financial Autonomy And Sustainable Economic Behaviour Of Older Adults

Abstract

This study investigates the role of digital financial inclusion in shaping the financial autonomy and sustainable economic behavior of older adults. As older adults increasingly engage with digital financial services, understanding the influential factors driving their adoption and the impact on their financial decision-making is essential for promoting their economic independence. The methodology employed a mixed-methods approach, including a survey of 300 older adults across various socioeconomic backgrounds, combined with in-depth interviews to explore both quantitative and qualitative data. The survey focused on key factors influencing the adoption of digital financial tools, such as internet accessibility, digital literacy, and trust in digital platforms. Statistical analyses were conducted to examine the relationship between digital financial inclusion and improvements in financial autonomy, while thematic analysis of interview data provided insights into the barriers and challenges faced by older adults in adopting these tools. Results indicated that digital financial inclusion significantly enhances the financial autonomy of older adults, allowing for greater control over savings, investment, and daily financial decisions. However, challenges such as lack of digital literacy, security concerns, and limited access to technology were identified as barriers to widespread adoption. The study recommends strategies for overcoming barriers, such as targeted digital literacy programs and improving accessibility, to facilitate greater participation in the digital financial ecosystem.