Elderly consumers and financial choices: A systematic review

Gianluigi Guido (), Cesare Amatulli () and Andrea Sestino ()
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Gianluigi Guido: University of Salento
Cesare Amatulli: University of Bari Aldo Moro
Andrea Sestino: University of Bari Aldo Moro

Journal of Financial Services Marketing, 2020, vol. 25, issue 3, No 4, 76-85

Abstract: Abstract The purpose of this paper is to investigate elderly choices and behaviors in financial services markets. A systematic review of a five-decade period (1970–2019) of academic research in the marketing field was carried out in order to identify elderly consumers’ decisions regarding financial asset management and legacy, highlighting the main findings of extant research and practical implications for marketers. Results shed light on financial asset management in terms of welfare, retirement planning, and investments for old age, as well as legacy practices in terms of special possessions, charities, and rites of passage. The study underlines the need to consider the heterogeneous nature of elderly consumers’ values and lifestyles in designing strategies for financial services and products, emphasizing that demographic differences alone are not adequate to effectively define market segments. Furthermore, the role of mixed marketing approaches considering elderly choices are discussed, together with implications for companies that want to target such consumer target.

Keywords: Elderly consumers; Financial assets management; Financial choices; Financial services; Legacy; Older consumers (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (5)

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DOI: 10.1057/s41264-020-00077-7

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