Consumer vulnerability: are older people more vulnerable as consumers than others?

摘要

The aging population is an important consumer policy concern. And one relevant question to ask is: are there reasons to worry about consumer vulnerability among older people? The aim of the project was twofold: First, to gain insight into what makes people vulnerable as consumers, more precisely to reveal significant vulnerability drivers. Second, if possible, to distinguish particularly vulnerable consumer groups and their needs for targeted consumer policy measures. The project builds on a qualitative pilot study among older people, followed by a large nationally representative survey among people living in Norway, between 18 and 95 years old. Based on the analysis of 2100 telephone interviews, this paper rejects our a priori assumption, that older people constitutes a vulnerable consumer group. Although older people have several reduced capabilities that could act as vulnerability drivers, older people appeared to be less likely than other age groups to make unfortunate decisions in the markets. Older people also show a much more environmentally friendly consumption pattern than younger generations. The main individual vulnerability drivers appeared to be; poor economic awareness and lack of time. The results also indicate that people who lack calculating skills, as well as people living in households with scarce financial resources, are more likely than others to make economically unfortunate consumer choices.