Perceived Overspending Risk
This risk is about the ease of shopping online and how easy it is to overspend beyond one’s budget. Many older people interviewed were retired and had financial limitations and were very conscious of their spending habits. This risk perception includes concerns around the need that ICT products and software need regular updates and upgrades. In addition, the growing cost of staying connected, either through a less optimum connection services or a reluctance to upgrade devices causes concern.
For Amon, these perceptions of risk manifest in the following ways:
“I worry that the cost of upgrading my ICT devices will become too expensive for me.”
Overspending can also manifest through a fear of increasing hardware costs. Modern technology is fast-moving, and new versions of phones, tablets and computers are often brought to the market several times a year. Many older adults fear the cost of constantly upgrading to the latest device. For example, Amon has been using his son’s old iPhone for the last couple of years. He is relatively comfortable using it for what he needs, but it seems to be ‘slowing down’, and the battery life is no longer what it used to be. He fears having to buy a new iPhone as they are very expensive, and he does not perceive it to be value for money.
“I worry about the increasing cost of using ICT devices (software, subscriptions, internet connection) is becoming too expensive for me.”
Overspending risks may manifest as a fear of the increasing costs associated with using ICT devices. For instance, Amon is concerned about the costs of software, license subscriptions and his internet connection. These costs seem to be increasing each year, and he is not sure he will be able to afford them on his pension. He is not sure how to only keep the services he needs.