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Elderly consumers and financial choices: A systematic review

Author

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  • Gianluigi Guido

    (University of Salento)

  • Cesare Amatulli

    (University of Bari Aldo Moro)

  • Andrea Sestino

    (University of Bari Aldo Moro)

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.

Suggested Citation

  • Gianluigi Guido & Cesare Amatulli & Andrea Sestino, 2020. "Elderly consumers and financial choices: A systematic review," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 25(3), pages 76-85, December.
    • Handle: RePEc:pal:jofsma:v:25:y:2020:i:3:d:10.1057_s41264-020-00077-7
    DOI: 10.1057/s41264-020-00077-7
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    Cited by:

    1. Allicia Deana Santosa & Nuryanti Taufik & Faizal Haris Eko Prabowo & Mira Rahmawati, 2021. "Continuance intention of baby boomer and X generation as new users of digital payment during COVID-19 pandemic using UTAUT2," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(4), pages 259-273, December.
    2. Ratikant Bhaskar & Okey Peter Onyia & Dharen Kumar Pandey & S. Ananda, 2023. "Navigating the complexities of financial services marketing through a bibliometric analysis of the Journal of Financial Services Marketing (2009–2022)," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(4), pages 724-747, December.
    3. Arthur J. Lin & Hai-Yen Chang & Sun-Weng Huang & Gwo-Hshiung Tzeng, 2021. "Criteria affecting Taiwan wealth management banks in serving high-net-worth individuals during COVID-19: a DEMATEL approach," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(4), pages 274-294, December.
    4. Amatulli, Cesare & Peluso, Alessandro M. & Sestino, Andrea & Guido, Gianluigi & Belk, Russell, 2023. "The influence of a lockdown on consumption: An exploratory study on generation Z's consumers," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).

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