Introduction
Aging is often associated with health problems and reduced functional capacity, mobility and independence, which can affect various aspects of the elderly’s life, especially their quality of life (QoL) [6]. The QoL of the elderly has been investigated in various studies in Iran and different results have been reported [10, 11]. One of the reasons for these conflicting results can be the difference in financial status of the elderly [12]. Financial literacy is a combination of awareness, knowledge, skill, attitude and behavior necessary for making correct financial decisions and ultimately achieving financial benefits [15]. It seems that financial literacy can affect the financial satisfaction of the elderly and, thereby, increase their quality of life [15, 19]. Financial satisfaction is a relative concept and its level varies throughout the life cycle [20]. Since the elderly have the fastest growth rate among other age groups and they make important financial decisions regarding retirement savings and intergenerational wealth transfer, their financial literacy can have a profound impact on their families and society [23]. The present study aims to determine the financial literacy status of the elderly in Qazvin city and its relationship with their quality of life, taking into account the mediating role of financial satisfaction.
Methods
This is a descriptive-correlational study with cross-sectional design conducted in 2020 on 270 retired elderly people living in Qazvin city who were selected by a stratified random sampling method from the retirement centers. The inclusion criteria were willingness to participate in the study, age 60 years and higher, resident of Qazvin city, retired from government and private organizations, having at lead a diploma, and the ability to communicate verbally to answer questions. Those with severe physical diseases or diagnosed mental diseases were excluded from the study.
Demographic checklist, CASP (Control, Autonomy, Self-realization, and Pleasure scale) for measuring quality of life, and financial literacy (FL) questionnaire, and financial satisfaction (FS) scale were used to collect data. The CASP have 19 items rated on a 4-point likert scale from “never” to “always”. The FL questionnaire was developed by Dianati and Hanifezadeh [30]. This questionnaire has 6 multiple-choice questions, answered by Yes and No. Financial satisfaction was measured with a question with a 10-point scale [31]. After obtaining ethical approval (Code: IR.QUMS.REC.1399.055) and explaining the study objectives to the participants and assuring them of the confidentiality of their information, they signed a consent form and the questionnaires were then distributed among them. Data analysis was done in Mplus and SPSS applications. Structural equation modeling (SEM) method (a combination of confirmatory factor analysis and multiple regressions) was used to determine the mediating role of financial satisfaction in the relationship between financial literacy and quality of life. The model included two parts: Measurement Model and Structural Model.
Results
The mean age of participants was 65.17 ± 4.57 years, ranged from 60 to 87 years. Most of them were men (n=166, 61.85%) and married (n=245, 90.7%) living with their spouses (n=167, 61.9%). About 60% of them (n=152) had university education. The field of study of 11.1% of them (n=30) was finance and accounting. The economic status of the majority of the elderly was moderate (n=189, 70%) or good (n=59, 21.9%); only 1.1% (n=3) reported their economic status as high.
The mean score of financial literacy was 51.60 out of 100 and the mean score of financial satisfaction was 35.11 out of 100. The mean score of quality of life was 63.89 out of 100, which was moderate. The results of the SEM showed a significant relationship between financial literacy and quality of life (p=0.006, β=0.17) and between financial satisfaction and quality of life (β=0.25, p<0.001). A significant causal relationship was also observed between financial literacy and financial satisfaction (β=0.23, p=0.003). According to the results, 17% of the variance of the quality of life was explained by financial literacy (p=0.006). As can be seen from Table 1 and Figure 1, the causal relationship between financial literacy and quality of life mediated by financial satisfaction was significant (P=0.014).


Discussion
Based on the results of the present study, financial literacy showed a significant relationship with the quality of life directly and indirectly (through financial satisfaction) in the retired elderly people. The results of Coşkuner et al.’s study also showed that one unit increase in financial literacy was associated with a 35.1% increase in financial satisfaction [54]. Financial literacy increases financial satisfaction through greater financial returns with appropriate financial decisions. in addition, it improves consumption decisions; people with financial literacy may benefit more from conscious consumption behavior [56]. Financial satisfaction can also increase the quality of life. Nodehi Moghadam et al. [45] and Tajvar et al. [43] also introduced economic status as an important factor determining the quality of life of the elderly. Therefore, before retirement, financial education is an efficient way to improve the financial knowledge of the elderly, which can help them plan well for their retirement and enjoy a more comfortable retirement life. It is recommended that policymakers in Iran devote more resources to designing and promoting financial education programs for the elderly people so that the next generation of the elderly population can improve their financial literacy.

Ethical Considerations
Compliance with ethical guidelines
The study was approved by the Ethics Committee of Qazvin University of Medical Sciences, Qazvin, Iran (IR.QUMS.REC.1399.055). Before to filling out the questionnaires, older participants were assured of the confidentiality of the information obtained and written consent was obtained from all subjects. 

Funding
This article was extracted from the self-financed master thesis of the first author. 

Authors' contributions
Conceptualization, methodology, investigation, writing-original draft, resources: Mahsa Kiaei, Fatemeh Mohammadi and Seyedeh Ameneh Motaleb; Formal analysis: Zahra Hosseinkhani; Writing-review & editing: Fatemeh Mohammadi and Seyedeh Ameneh Motaleb; Funding acquisition: Mahsa Kiaei; Supervision: Seyedeh Ameneh Motaleb.

Conflicts of interest
The authors declared no conflict of interest.

Acknowledgements
We would like to thank the Vice-chancellor for research of Qazvin University of Medical Sciences and the older participants for their support and cooperation.


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