Exploring barriers faced by Generation X women in access and use of quality digital financial services: A phenomenological study

Abstract

As digital technology plays a crucial role in every sector of the economy, access to and use of digital finance is also significant to every individual in society to empower themselves, especially among marginalised individuals. Gen X women, especially mothers, provide a significant contribution to their families, facilitating their children, husbands, and those who live with them. Therefore, enhancing their economic empowerment through improved access to and use of quality digital financial services is crucial. To achieve this, it is equally important to identify and address the barriers that limit their access to and effective use of these services. Accordingly, this study aims to identify barriers faced by Gen X women in accessing and using quality digital financial services via a phenomenological research design. For this purpose, data were collected from purposively selected 10 Gen X women (mothers) in Colombo district, covering different occupations (i.e., government or private sector) who have a digital account and a credit card but do not use them for various reasons, using in-depth interviews to gain insights from personal experiences utilising a semi-structured questionnaire. Analysis was conducted using voice recordings obtained with the consent of the participants, which were then transcribed into scripts. A thematic analysis that created categories and themes from the narratives and results revealed that dependence on family for digital financial tasks, fear and anxiety, distrust, lower digital literacy and confidence, infrastructure issues, cultural habits, and barriers to learning digital platforms discourage the use of and access to digital financial services. These findings help policymakers design strategies to improve Gen X women’s access to digital financial services, boost participation, and reduce barriers. Future research could examine other age groups or broader populations to validate and extend these insights.