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

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.

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Publication Details

Journal
Risks
Published
2025-09-08
DOI
https://doi.org/10.3390/risks13090170
Citations
2
Primary Topic
Financial Literacy, Pension, Retirement Analysis
Type
article
Field-Weighted Citation Impact
7.82
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Digital Financial Literacy and Anxiety About Life After 65: Evidence from a Large-Scale Survey Analysis of Japanese Investors

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2 citations
Risks
Financial Literacy, Pension, Retirement Analysis
7.82
article

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

Yu Kuramoto, Mostafa Saidur Rahim Khan, Trinh Xuan Thi Nguyen, Yoshihiko Kadoya, Jargalmaa Amarsanaa
article en
2 citations

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.

RisksVol. 13(9)
Hiroshima University (JP)
Openalex Percentile: Top 3%
Financial Literacy, Pension, Retirement Analysis
7.82
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