Older people and financial inclusion in the Republic of Moldova: an exploratory perspective

Abstract

In the context of demographic ageing and ongoing economic transformations in the Republic of Moldova, financial inclusion of the elderly is becoming a priority for social cohesion policies and for reducing economic vulnerabilities. Equitable access to financial services is considered essential for active economic participation and protection against financial shocks. Despite the acknowledged importance of financial inclusion, the population segment aged over 60 remains poorly integrated into the financial system due to barriers such as low income, lack of financial literacy, digital obstacles, and distrust in banking institutions. This phenomenon generates additional social and economic risks. This study aims to assess the current level of financial inclusion among the elderly in the Republic of Moldova, identify the key factors contributing to exclusion, and formulate recommendations for improving access to formal financial services. The research is based on a survey conducted among a sample of 215 individuals over the age of 60, from both urban and rural areas. The collected data were analyzed using descriptive statistics and logistic regression to evaluate the relationship between socio-economic variables and the level of financial inclusion. The findings reveal a low level of access to and use of financial services among older adults, mainly due to limited income, lack of trust in the banking system, and unawareness of existing financial products. Financial inclusion in this demographic group is limited: only 20% of respondents have savings or have taken out loans, less than 4% hold investments or private insurance, and 62% own bank cards. However, there is notable openness to using digital services, provided adequate educational support is available. Reducing financial exclusion among the elderly requires a coordinated intervention from public authorities, financial institutions, and civil society. Recommended measures include the development of products tailored to unstable income, targeted financial literacy programs, and the expansion of digital access in formats that are senior-friendly.