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 Margarete, these perceptions of risk manifest in the following ways:
“Overspending is easier online than in a regular store.”
Example 1
The overspending risk was expressed by many older people talking about how easy and quick it is to purchase something online with one or two clicks. For instance, Margarete is concerned with how easy it is to buy things online from her trusted stores. She is concerned about the algorithms on the site knowing her too well, as she often ends up buying extra items the site recommends.
“I worry about the increasing cost of using ICT devices (software, subscriptions, internet connection) is becoming too expensive for me.”
Example 2
Overspending risks may manifest as a fear the increasing costs associated with using ICT devices. For instance, Margarete lives regionally which makes it more difficult to get a strong internet connection. She is already paying almost twice as much to stay online as what she used to in the city, and she is worried that it will only get more expensive.