top of page

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 Joshua, these perceptions of risk manifest in the following ways:

Example 1
Joshua 1.png
“I worry about the increasing cost of using ICT devices (software, subscriptions, internet connection).”

Example 1

Overspending risks may manifest as a fear the increasing costs associated with using ICT devices and the need to upgrade devices regularly. For instance, Joshua is concerned about the costs of software, licence subscriptions and his internet connection. These costs seem to be increasing each year and he is not sure he is getting value for money. He fears he is paying too much for services he does not even need.

Example 2

Example 2

“I worry that the cost of upgrading my ICT devices will become too expensive for me.”
Joshua 2_edited.png

Overspending can also manifest through a fear of increasing hardware cost. Modern technology is fast-moving and new versions of phones, tables and computers is often brought to the market several times a year. Many older adults fear the cost involved in contently having to upgrade to the latest device. For example, Joshua 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.


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

bottom of page