Mobile financial services and the elderly: digitally financially inclusive or exclusive? Two decades of research bridging the great grey divide

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Purpose This study explores key drivers, barriers and financial inclusion factors that influence mobile financial services (MFS) usage among elderly people. Mitigation strategies are subsequently proposed to increase MFS usage by elderly people to promote well-being outcomes. Design/methodology/approach This research employs PRISMA 2020 and TCCM (Theories-Context-Characteristics-Methods) framework to carry out a systematic literature review (SLR) for 85 studies from the Scopus database from 2007 to 2025. Findings The synthesised results of the SLR indicate that the key drivers of MFS usage among the elderly are value, simplicity and social factors. The primary barriers are risk-fraud-security-trust and resistance factors. The most important financial inclusion factors are access and infrastructure, along with affordability. Ultimately, MFS usage leads to well-being outcomes such as resilience, autonomy and quality of life among elderly people. Practical implications Given the evolving nature of MFS and the growing elderly demographic, this study is vital in providing a framework and guide for current societal challenges. It is useful to mobile app developers and financial service providers in optimising their MFS offerings. Additionally, institutions and regulators can strengthen their policies. Originality/value This paper proposes a novel conceptual framework that integrates key drivers, barriers, financial inclusion factors and mitigation strategies within the elderly MFS usage context. It bridges the gap between individual-community level and systemic institutional macro-level while considering well-being outcomes for greater digital financial inclusion.

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