Does financial inclusion predict a lower risk of loneliness in later life? Evidence from the AgeHeaPsyWel-HeaSeeB study 2016–2017

Abstract

Objective

For many older people, loneliness represents a common source of impaired quality of life particularly in the context of poor access to financial services. This article examines the association between financial inclusion and loneliness in older adults and explores the moderating effects of gender and physical activity in this association.

Methods

One thousand two-hundred participants completed the Short Form Revised UCLA Loneliness Scale assessing loneliness during 2016–2017 Aging, Health, Psychological Well-being and Health-seeking Behavior (AgeHeaPsyWel-HeaSeeB) Study. Financial inclusion was assessed using an 8-item Financial Instrument Scale.

Results

Multiple ordinary least squares (OLS) regressions showed that increases in financial inclusion were associated with decreases in loneliness in the total sample (β = −0.679, p < 0.001) and in women (β = −0.787, p < 0.001) but not in men (β = −0.594, p = 0.084). The negative effect of financial inclusion on loneliness was pronounced among those who engaged in physical activity (β = −0.646, p < 0.042).

Conclusions

Findings underscore the importance of financial inclusion for loneliness in later life particularly among older women and those who engage in physical activity. Encouraging and strengthening financial inclusion may crucially improve psychological health and emotional well-being among aging adults.

Keywords:

• Financial inclusion
• loneliness
• older people
• physical activity
• quality of life

Disclosure statement

The authors declared no potential conflicts of interest with respect of the research, authorship, and/or publication of this article.

Author contributions

RMG developed the concept and designed the study. RMG and AMA acquired and analyzed the data, wrote the initial versions of the manuscript and also revised the article critically for important intellectual content. All authors read and approved the final manuscript.

Additional information

Funding

This work was supported by Lingnan University, Hong Kong [RPG1129310]. The sponsor played no role in the design, execution, analysis and interpretation of data and preparation of the manuscript.