Mobile Financial Service Adoption Among Elderly Consumers: The Roles of Technology Anxiety, Familiarity, and Age

The rapid growth of mobile financial services provides significant opportunities for enhancing digital financial inclusion among older adults. However, elderly consumers often lag in adoption and sustained usage due to psychological barriers (e.g., technology anxiety) and factors related to prior experience and comfort with technology (e.g., technology familiarity). This study investigates how technology anxiety and technology familiarity influence elderly consumers’ continuance intention toward mobile banking, while examining age as a moderator by comparing younger older adults (aged 60–69) and older adults (aged 70+). Using data from an online survey of 488 elderly mobile banking users in South Korea, we conducted hierarchical regression analyses. The results show that technology anxiety negatively affects continuance intention, whereas technology familiarity positively enhances sustained usage. Moreover, age significantly moderated these relationships: adults aged 70+ were notably more sensitive to both technology anxiety and familiarity, highlighting distinct age-related psychological differences. These findings underscore the importance of targeted digital literacy initiatives, age-friendly fintech interfaces, and personalized support strategies. This study contributes to the fintech literature by integrating psychological dimensions into traditional technology adoption frameworks and emphasizing age-specific differences. Practically, fintech providers and policymakers should adopt tailored strategies to effectively address elderly consumers’ unique psychological needs, promoting sustained adoption and narrowing the digital divide in financial technology engagement.