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Exploring drivers of fintech adoption among elderly consumers

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  • Choi, Yunwoo
  • Han, Sangpil
  • Lee, Changjun

Abstract

As the digital economy expands, understanding the integration of elderly consumers into this paradigm becomes crucial. This study presents a nuanced exploration of the factors that influence elderly consumers' adoption of fintech services and elucidates the pivotal role of daily digital experiences in fostering the elderly's acceptance of such services. Employing an integrative approach, this study examines demographic, personal, socioenvironmental, and digital usage characteristics, through South Korean panel data (N = 3465) from 2019 to 2020. The findings uniquely identify the 50–64 age group and those cohabitating with younger generations as being more inclined toward fintech usage. This study introduces a novel perspective by demonstrating that elderly individuals' enjoyment of digital media and their engagement with younger generations significantly drive their involvement with fintech services. The elderly exhibits substantial potential as proactive fintech users, navigating perceived risks with discernment. This study contributes to the academic discourse by offering comprehensive insights into elderly consumers' fintech adoption, highlighting the importance of understanding this demographic's unique preferences and interactions with the digital economy. It also underscores the potential for targeted strategies to enhance fintech service adoption among the elderly and foster a more inclusive digital finance landscape.

Suggested Citation

  • Choi, Yunwoo & Han, Sangpil & Lee, Changjun, 2024. "Exploring drivers of fintech adoption among elderly consumers," Technology in Society, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:teinso:v:78:y:2024:i:c:s0160791x24002173
    DOI: 10.1016/j.techsoc.2024.102669
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    1. Yalcin, Haydar & Demirhan, Dilek & Aracioglu, Burcu & Daim, Tugrul U. & Xing, Zeyu & Meissner, Dirk, 2026. "FinTech and the green transition: Exploring pathways to ignite innovation for carbon neutrality in global supply chains," Technology in Society, Elsevier, vol. 84(C).
    2. Jamal Hurani & Mohammed Kayed Abdel-Haq, 2025. "Factors Influencing FinTech Adoption Among Bank Customers in Palestine: An Extended Technology Acceptance Model Approach," IJFS, MDPI, vol. 13(1), pages 1-30, January.
    3. Prihana Vasishta & Anju Singla & Shumank Deep, 2025. "Unveiling the FinTech revolution: pioneering models and theories shaping FinTech adoption research," Management Review Quarterly, Springer, vol. 75(4), pages 3669-3698, December.
    4. Anupama S & Angan Sengupta, 2025. "FinTech and older adults: a global synthesis of enablers, barriers, and research trends for inclusive digital finance," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-29, December.

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