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Seniors wise up to consumer rights Older Victorians are a market force that retailers and service providers cannot afford to ignore, says Minister for Senior Victorians Christine Campbell. Speaking at a Consumer Wise Ministerial Round Table for Older People, Ms Campbell said an increasing awareness of the importance of senior consumers by business also meant that older people also needed to be aware of unscrupulous business operators and their consumer rights. ‘Over 55s account for 21 per cent of Australia’s population but head up households that own 39 per cent of the nation’s household wealth, 54 per cent of our financial assets and 25 per cent of all disposable income. ‘Most seniors have more time and money than at any other stage of their life and have a greater discretionary income. ‘Current trends suggest that seniors are more likely to spend on luxury items, travel and recreation. ‘However, there are also many senior Victorians on low incomes whose financial independence actually decreases with age. ‘Their financial security can be compromised by unscrupulous businesses, scams and ‘get-rich-quick’ schemes.’ Ms Campbell said fraud was the most common crime perpetrated against older people. Among people aged over 65, consumer fraud is 2.2 times more frequent than assault, 2.4 times more frequent than theft and 13 times more frequent than robbery. |