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D2c Understanding The Use of Digital Finance Among Chinese Older Adults: Evidence From An Online Convenience Sample
Key Words
older adults, digital finance, mobile banking/payment, China
Short Description
Inclusive digital financial services should welcome older populations and make them beneficiaries of the digital and financial revolution. We conducted an online survey with 322 older adults who were 60 or above from 15 provinces to understand their engagement in digital finance in the context of China. Descriptive results revealed that older adults were active digital finance users and engaged most with activities that were highly compatible with their lifestyles. However, regression analysis suggested that age-related disparity and an urban-rural gap existed in using digital finance. Additionally, older adults’ perceived usefulness, ease of use, accessibility to a digital device and the Internet, risk perception, and social activities also played a role in their adoption of these advanced tools. Nonusers’ perceived barriers to digital finance use were also investigated. Findings from this study call for an urgent need to develop age-friendly financial products and services that better serve aging populations, as financial institutions and merchants have sped up their digital business under COVID-19. Special attention should be paid to rural older adults and the older-old group to enhance their capability to use digital finance. It also calls for policy regulations to guarantee in-person services as an alternative.