Digital Financial Literacy and Anxiety About Life After 65: Evidence from a Large-Scale Survey Analysis of Japanese Investors

Jargalmaa Amarsanaa (), Trinh Xuan Thi Nguyen, Yu Kuramoto, Mostafa Saidur Rahim Khan and Yoshihiko Kadoya
Additional contact information
Jargalmaa Amarsanaa: School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashi Hiroshima 739-8525, Japan
Trinh Xuan Thi Nguyen: School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashi Hiroshima 739-8525, Japan
Yu Kuramoto: School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashi Hiroshima 739-8525, Japan
Mostafa Saidur Rahim Khan: School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashi Hiroshima 739-8525, Japan
Yoshihiko Kadoya: School of Economics, Hiroshima University, 1-2-1 Kagamiyama, Higashi Hiroshima 739-8525, Japan

Risks, 2025, vol. 13, issue 9, 1-19

Abstract: In the context of Japan’s rapidly aging population, people’s anxiety about life after 65, especially regarding financial sustainability, has become a growing concern. This study examines old age anxiety through the lens of digital financial literacy (DFL), which can significantly impact people’s retirement well-being and long-term financial security in today’s digital environment. Drawing on a large-scale dataset from the “Survey on Life and Money,” jointly conducted by Rakuten Securities and Hiroshima University, we analyze responses from 94,695 individuals aged 40 to 64 who are active bank account holders. Based on ordinal logistic regression, our findings reveal a negative association between DFL and old age anxiety. Further analysis of the five dimensions of DFL demonstrates that several practical components, such as digital financial know-how, decision-making abilities, and self-protection skills, are associated with alleviated old age anxiety. In contrast, a reliance on basic financial knowledge and general awareness alone may exacerbate anxiety. These findings underscore the need to move beyond basic digital awareness and focus on promoting practical skills in digital finance, ultimately supporting better financial decision-making and enhancing overall well-being in older age.

Keywords: digital financial literacy; financial education; retirement planning; older adults; old age anxiety (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2025
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-9091/13/9/170/pdf (application/pdf)
https://www.mdpi.com/2227-9091/13/9/170/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:13:y:2025:i:9:p:170-:d:1745020

Access Statistics for this article

Risks is currently edited by Mr. Claude Zhang

More articles in Risks from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().