Perceived Purchase Risk

Perceived purchase risk is present when people fear and are concerned about wasting or losing money when purchasing or using products or services online. This risk includes making transaction mistakes, not receiving goods, and processing errors. Many older adults are concerned about using online banking and making errors which could result in them losing money. Others are worried about not understanding products, services or payment methods when attempting to purchase items.

For Amon, these perceptions of risk manifest in the following ways:

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“I am often afraid I will make mistakes when transferring money online.”

Example 1

This risk perception relates to a fear of making mistakes in transferring funds online. It manifests in observable behaviour as avoidance of online banking. For example, Amon tried online banking and entered the wrong digit. Instead of paying the plumber 200, he entered 2000 and had to contact the plumber. Ever since then – Amon won’t do online banking. He only pays people in cash or cheques. He is too fearful of making a mistake and then losing money.

“I worry that friends and family would think less of me if something went wrong in any transaction I made.”
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Example 2

This purchase risk is focused on the fear that friends and family would think less of someone if they made a mistake purchasing something. For instance, Amon fears he would look foolish in front of his children if he had to ask for their assistance correcting mistakes with online transactions. As a result, he avoids online banking.


Can you relate to those example above?  Go to strategies to learn about how Amon can address these issues.