Hyperbolic discounting, a key determinant of intertemporal behavior, captures individuals’ preferences for smaller immediate rewards over larger delayed ones. This study examined how hyperbolic discounting influences investment loss tolerance using a large-scale dataset of Japanese investors. Loss tolerance is defined as the extent of financial loss that an investor is willing to endure before changing their investment strategy. Although hyperbolic discounting shapes intertemporal investment decisions, its role in explaining loss tolerance remains largely unknown. Using a large dataset from the “Survey on Life and Money” comprising 107,294 observations and employing ordered probit regression, we found a significant negative relationship between hyperbolic discounting and investment loss tolerance: investors exhibiting stronger hyperbolic discounting are more likely to exit positions prematurely during market downturns, despite potential long-term recovery. The estimated marginal effect (−0.070 ***) underscores the economic significance of the association between hyperbolic discounting and loss tolerance. These results provide evidence that time-inconsistent preferences not only shape intertemporal choices but also reduce resilience to financial losses. The findings carry important implications for investors, highlighting the value of commitment mechanisms and education programs to counteract short-termism, and for policymakers seeking to design behavioral interventions that promote stable, long-term participation in financial markets.

In the context of Japan’s rapidly aging population, people’s anxiety about life after 65, especially regarding financial sustainability, has become a growing concern. This study examines old age anxiety through the lens of digital financial literacy (DFL), which can significantly impact people’s retirement well-being and long-term financial security in today’s digital environment. Drawing on a large-scale dataset from the “Survey on Life and Money,” jointly conducted by Rakuten Securities and Hiroshima University, we analyze responses from 94,695 individuals aged 40 to 64 who are active bank account holders. Based on ordinal logistic regression, our findings reveal a negative association between DFL and old age anxiety. Further analysis of the five dimensions of DFL demonstrates that several practical components, such as digital financial know-how, decision-making abilities, and self-protection skills, are associated with alleviated old age anxiety. In contrast, a reliance on basic financial knowledge and general awareness alone may exacerbate anxiety. These findings underscore the need to move beyond basic digital awareness and focus on promoting practical skills in digital finance, ultimately supporting better financial decision-making and enhancing overall well-being in older age.

Investment loss tolerance refers to an investor’s willingness to hold financial instruments after experiencing value declines and is considered essential to long-term investment success. Financial literacy, comprising financial knowledge, attitude, and behavior, has been widely identified as a key factor in promoting rational financial decisions. A recent study by Homma et al. suggests that the three components can help prevent panic selling during market crises, such as the COVID-19 pandemic. However, that study relies on binary behavioral indicators within crisis-specific contexts, limiting the generalizability of their findings. To address these gaps, the present study quantitatively measures investment loss tolerance using a generalized hypothetical loss scenario and investigates the associations of financial literacy components. Using a large-scale dataset of 161,223 active investors from one of Japan’s largest online securities firms, we conducted ordered probit and probit regression analyses while controlling for demographic, socioeconomic, and psychological factors. The results reveal that financial knowledge, attitude, and behavior all have statistically significant positive effects on investment loss tolerance. These findings indicate that financial literacy enhances investors’ capacity to withstand losses and discourages premature asset liquidation, even outside crisis-specific contexts. The evidence supports policies aimed at improving financial literacy to foster more resilient investor behavior and promote long-term financial well-being.

Dementia is associated not only with clinical and caregiving challenges but also with concerns about future social connectedness, social participation, and resilience. This study examines anticipated social connectedness under dementia, defined as respondents’ self-assessed confidence that they could remain connected to society if they were to develop dementia in the future, and its association with demographic, socioeconomic, and psychological characteristics in Japan. Using data from the 2026 wave of the Survey on Life and Money conducted among Rakuten Securities account holders, we analyze 20,352 respondents aged 18 to 86. Ordered probit models are used as the main specification, with a binary specification employed as a robustness check. The results show that unemployment is negatively associated with anticipated social connectedness under dementia, whereas household income is positively associated with it across several specifications. Family-related variables, including marital status and number of children, also show positive associations in some models, although their relevance differs across gender and age groups. The associations for household financial assets and myopic views of the future are less stable. These findings suggest that anticipated social resilience under dementia may be socially patterned and related to broader socioeconomic circumstances. However, because the analysis is based on cross-sectional survey data from securities account holders and the dependent variable captures self-assessed confidence rather than realized social connectedness among people living with dementia, the results should be interpreted as associations rather than causal effects and should not be generalized mechanically to the broader population.

This study builds on the concept of loss tolerance by introducing investment grip, a behavioral interpretation that captures investors’ commitment to long-term objectives under adverse market conditions. While loss tolerance traditionally measures the maximum financial loss an investor can withstand, investment grip focuses on the behavioral and psychological dimensions of maintaining long-term investment objectives when facing short-term setbacks, thus providing a more behaviorally grounded and operationalizable approach for evaluating client risk profiles. The investment grip framework integrates insights from self-control theory, emotional regulation research, and goal-commitment models. Using data from 92,792 Japanese retail investors in the 2025 “Survey on Life and Money,” we examine how gain-framed and loss-framed messages are associated with investment grip, controlling for digital financial literacy and demographic, socioeconomic, and psychological factors. Our findings reveal that loss framing is robustly associated with stronger investment grip, whereas gain framing demonstrates no statistically meaningful effect. These findings offer new insights into Japanese household financial behavior, explaining why conservative savings patterns persist despite the availability of better investment alternatives. The results underscore the role of information framing in shaping household investment behavior, with implications for investor protection and financial communication policy.