Investing in Digital Financial Literacy for Seniors: Balancing Costs and Support Mechanisms

Balamurugan Krishnaswamy Gnanasekaran

Abstract: In an era where digital platforms increasingly dominate the financial landscape, the challenge of ensuring digital financial literacy (DFL) among older adults has become both pressing and complex. This study takes a close look at how individuals aged 60 and above engage with digital financial tools, revealing a troubling gap between access and effective use. In my view, this gap isn?t just about technology it reflects deeper issues around confidence, design usability, and support systems. Through a carefully structured mixed - methods approach involving 200 survey participants and 20 in - depth interviews, the research uncovers persistent themes such as technological anxiety, insufficient training, and a strong reliance on traditional banking. What stands out is the emotional narrative behind the data: older adults are not unwilling, but they?re often overwhelmed by platforms that don?t speak their language literally and figuratively. It is evident that while most participants recognize the benefits of digital tools, they feel stranded without ongoing, hands - on support. Interestingly, peer learning and holistic teaching strategies emerged as vital confidence boosters. This suggests that DFL isn?t just a technical skillset; it?s a social and emotional journey that requires thoughtful facilitation. The study also highlights the financial implications for institutions from user interface redesigns to expanded customer support?and argues these costs are not burdens but strategic investments in long - term client engagement. Taken together, these findings call for a fundamental shift in how we design, teach, and support digital finance for seniors, pushing financial institutions to foster environments that are not only technologically accessible but also emotionally inclusive and personally relevant.

Keywords: digital financial literacy, older adults, technological anxiety, financial inclusion, user - friendly design