The Vulnerability of Elderly Consumers

Abstract

Research interest in the vulnerability of the elderly to consumer fraud has increased in recent years. Consumer surveys and studies of complaint data permit the examination of hypothesized indicators of vulnerability for samples of older and younger consumers. A review of the research shows that patterns of consumption, situational characteristics, education and product knowledge, awareness of deception, psychological losses, social isolation, and psychosocial transitions influence the elderly's vulnerability and ability to cope with consumer abuse. Higher educational attainment and a greater skepticism toward business practices should improve the coping ability of future cohorts of elderly, yet the potential for fraud will remain for many transactions vitally important to their well-being. Implications of the research findings for intervention strategies are presented.