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The impact of financial literacy on saving behavior of the elderly people: The mediating role of digital financial literacy

Author

Listed:
  • Oanh Vu Thi Kim
  • Tien Tran Ngoc Thuy
  • Linh Do Khanh
  • Mai Pham Thi Thanh
  • Quynh Nguyen Thi
  • Thanh Nguyen Thi Minh

Abstract

This study examines how financial literacy affects the saving habits of older people in Hanoi, Vietnam and the impact of digital financial literacy in mediating this relationship. The research is based on data collected from 250 participants aged 55 and above, surveyed in April 2024. The Partial Least Squares Structural Equation Modeling (PLS-SEM) method with SmartPLS 4 software estimates the relationship among variables. The study confirms a positive correlation between financial literacy and the saving behavior of elderly people. Additionally, digital financial literacy plays a positive mediating role in enhancing the effect of financial literacy on saving behavior by facilitating elderly people's utilization of digital tools for financial management and the pursuit of more effective saving strategies. However, traditional financial literacy maintains a more significant and direct impact on the saving behavior of this demographic group. These findings have practical implications for developing policies and interventions to enhance financial literacy and digital skills among the elderly, ensuring financial security and fostering saving behavior. The results underscore the importance of targeted educational initiatives that address both traditional financial literacy and digital financial competencies for elderly people, potentially leading to improved financial outcomes in this demographic group.

Suggested Citation

  • Oanh Vu Thi Kim & Tien Tran Ngoc Thuy & Linh Do Khanh & Mai Pham Thi Thanh & Quynh Nguyen Thi & Thanh Nguyen Thi Minh, 2025. "The impact of financial literacy on saving behavior of the elderly people: The mediating role of digital financial literacy," Humanities and Social Sciences Letters, Conscientia Beam, vol. 13(1), pages 45-55.
  • Handle: RePEc:pkp:hassle:v:13:y:2025:i:1:p:45-55:id:3974
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