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Financial inclusion, inequality, and retirement trends among older workers

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  • Marcelin, Isaac
  • Sun, Wei

Abstract

The study develops a financial inclusion index comprising three dimensions: usage, barriers, and access to financial resources. It employs a two-stage Principal Component Analysis to derive each dimension's weight. This index helps assess the impact of financial inclusion on various factors like ethnic groups, minorities, human capital, retirement, wealth outcomes, and mental well-being. The research uncovers new psychological and sociological impacts of accessing financial products. Households in counties with higher financial inclusion scores are likelier to have increased income, home ownership, and real estate wealth. They are also more prone to generating intergenerational wealth and breaking free from poverty. Financial inclusion contributes to long-term enhancements in wealth and retirement outcomes, benefiting minority groups and genders while also enhancing family and work resilience, reducing stress, and alleviating drug-related issues. The findings carry significant policy implications, such as reducing the wealth gap, improving retirement security, and enhancing socioeconomic results.

Suggested Citation

  • Marcelin, Isaac & Sun, Wei, 2025. "Financial inclusion, inequality, and retirement trends among older workers," Global Finance Journal, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:glofin:v:66:y:2025:i:c:s1044028325000481
    DOI: 10.1016/j.gfj.2025.101121
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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