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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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  • 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)

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.

Suggested Citation

  • Jargalmaa Amarsanaa & Trinh Xuan Thi Nguyen & Yu Kuramoto & Mostafa Saidur Rahim Khan & Yoshihiko Kadoya, 2025. "Digital Financial Literacy and Anxiety About Life After 65: Evidence from a Large-Scale Survey Analysis of Japanese Investors," Risks, MDPI, vol. 13(9), pages 1-19, September.
    • Handle: RePEc:gam:jrisks:v:13:y:2025:i:9:p:170-:d:1745020
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    References listed on IDEAS

    as
    1. Choung, Youngjoo & Chatterjee, Swarn & Pak, Tae-Young, 2023. "Digital financial literacy and financial well-being," Finance Research Letters, Elsevier, vol. 58(PB).
    2. Chavleishvili, Sulkhan & Kremer, Manfred & Lund-Thomsen, Frederik, 2024. "Quantifying financial stability risks for monetary policy," Research Bulletin, European Central Bank, vol. 115.
    3. Mansi Yadav & Priyanka Banerji, 2023. "A bibliometric analysis of digital financial literacy," American Journal of Business, Emerald Group Publishing Limited, vol. 38(3), pages 91-111, May.
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