Understanding the use of digital finance among older internet users in urban China: Evidence from an online convenience sample

ABSTRACT

Inclusive digital financial services should welcome older populations and make them beneficiaries of the digital and financial revolution. To understand older adults’ experience of using digital financial tools, we conducted an online survey of 268 older internet users aged 60 or above from urban areas of 14 Chinese provinces after China’s nationwide COVID-19 lockdown in 2021. Our results revealed that older internet surfers were active in digital financial activities and engaged most with activities that were highly compatible with their lifestyles. Active users significantly differed from inactive users in sociodemographics, confirming that a digital divide related to social stratification exists among older internet users. Digital finance active users were also distinguished from inactive users’ attitudes and perceptions toward digital finance. Logistic regression results indicated that perceived usefulness, access to proper devices for digital finance, risk perceptions, and perceived exclusion if not using technology were associated with their adoption of these advanced tools. Older adults reported the perceived inconvenience of in-person financial services during the lockdown. They also expressed a willingness to participate in relevant training if provided. The findings of this study could help aging-related practitioners to understand older adults’ engagement in digital finance and guide policy and project design in the area of financial inclusion of the aging population.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Human subjects approval

The Institutional Review Board at Washington University in St. Louis has approved this project (ID# 202101168).

Notes

1. In China, urban/rural communities are classified by the government. Each citizen has an urban or rural residential registration status according to their birthplace or permanent residence. Respondents were asked to identify whether they were urban or rural residents.

2. For Chinese older adults aged 60 and above in 2021, only a few obtained college degrees through formal education after high school; instead, they attended technical secondary schools (Zhongzhuan) and then might obtain a college diploma through part-time training after they worked (e.g., the public servant may obtain a college diploma through Communist Party School). We should be cautious in interpreting the education attainment variable here.

Additional information

Funding

No funding supports this study.