Using the life course paradigm to study financial well-being in late life

Prakitsuwan, Pattharanitcha; Moschis, George P.; Shannon, Randall

doi:10.1108/apjml-06-2020-0415

Cited by 8 publications

(8 citation statements)

References 54 publications

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“…First, it offers new insights into the influence of the older adult population on the revenue generated by clinics. Although prior literature emphasizes the well‐being of the older adult population, the conditions under which the older adult population would be regarded as potential customers have received less attention (Danaher & Gallan, 2016; Prakitsuwan et al, 2022). Following the rapidly aging population, the role of the older adult in marketing needs to be highlighted.…”

Section: Discussionmentioning

confidence: 99%

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Older adult consumers and local competition in the healthcare service

Kim,

Jo,

Kim

et al. 2024

Int J Consumer Studies

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Population aging is a global phenomenon observed in many developed economies. On the one hand, this trend suggests significant opportunities for healthcare providers due to increasing service demand. On the other hand, it also implies that the industry requires new managerial knowledge to accommodate older adult consumers. In this research, we propose and examine the impact of older adult consumers on healthcare provider performance and identify boundary conditions related to two types of competition: intra‐ and inter‐competition. Using longitudinal data on healthcare provider revenues, we find that an increase in the older adult population increases the revenues of generalists but decreases those of specialists. Second, the positive effect of elderly consumers on generalists is amplified when intra‐competition (from same‐type physicians) increases and diminishes when inter‐competition (from different‐type physicians) intensifies. Third, for specialist healthcare providers, the negative impact of older adult population is mitigated by intra‐competition but exacerbated when inter‐competition becomes strong. Our results offer theoretical implications for the healthcare service marketing literature and managerial insights into decisions related to healthcare service locations. Specifically, our findings suggest that healthcare providers need to carefully consider the proportion of older adult consumers, the presence of local competitors, and their own specialties, as these factors all have a meaningful impact on performance.

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Section: Discussionmentioning

confidence: 99%

“…would be regarded as potential customers have received less attention (Danaher & Gallan, 2016;Prakitsuwan et al, 2022). Following the rapidly aging population, the role of the older adult in marketing needs to be highlighted.…”

Section: Theoretical Implicationsmentioning

confidence: 99%

Older adult consumers and local competition in the healthcare service

Kim,

Jo,

Kim

et al. 2024

Int J Consumer Studies

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“…As a concept, past studies have considered FWB to form part of the domain of well-being, which refers to the adequacy of assets for meeting one’s needs (Prakitsuwan et al , 2022) and absence of financial distress (O’Neill et al , 2005). Within this context, an individual who is financially well enjoys financial security and seeks financial protection against economic risks caused by bankruptcy, unemployment, retirement, poverty or disease (Goldsmith, 2013).…”

Section: Literature Reviewmentioning

confidence: 99%

Marketing inclusive banking services to financially vulnerable consumers: a service design approach

Ofori-Okyere

Edghiem

Kumah³

2022

JSM

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Purpose To explore how inclusive banking services are marketed to financially vulnerable consumers (FVCs) in Ghana from the perspective of managers. This study aims to explore this under-researched area and contribute towards a transformative service research in the country. Design/methodology/approach This study adopted a multiple case study research approach to analyse six banks, including commercial, development, investment and rural and community banks. Specifically, semi-structured interviews and archival documents were used to collect data from the perspectives of bank managers. Findings The empirical research based on practical and theoretical models shows that Ghanaian banks design an array of financial products and services (FPS), adopt innovative traditional marketing strategies and apply inclusive technologies to reach out to the FVCs. Research limitations/implications The authors conducted this study on six banks in Ghana; thus, service researchers are cautioned when generalising the findings and conclusions in other contexts beyond the country of focus. Practical implications This study offers practical ideas to guide marketers to better understand how banks market their inclusive banking services to FVCs. Social implications This paper provides implications for addressing financial inclusion amongst the “unbanked”, “underserved” and “unserved” collectively known as the FVCs and how Ghanaian banks design FPS to improve service research and well-being outcomes. Originality/value This study provides vital information to policymakers in designing FPS aimed at achieving an inclusive financial system to improve the well-being of FVCs in Ghana.

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“…He uses consumer behavior theories and research from the field of personal finance to develop numerous propositions regarding relationships of specific variables within each component of the conceptual life course model. The recent studies by Benmoyal et al (2019), Mathur and Kasper (2019), and Kasper et al (2019) offer examples of how such propositions could be tested, while Prakitsuwan et al (2021) show how consumer researchers who wish to study financial well-being (e.g., Netemeyer et al, 2018) could benefit from addressing this topic within the LCP.…”

Section: Personal Financementioning

confidence: 99%

“…Investigators in the field of personal finance increasingly recognize the need for overarching models that would enable them to study the influence of various factors on consumers' financial behavior over the course of their lives. For example, based on a literature review, Gudmunson and Danes (2011) (2019), Mathur and Kasper (2019), and Kasper et al (2019) offer examples of how such propositions could be tested, while Prakitsuwan et al (2021) show how consumer researchers who wish to study financial well-being (e.g., Netemeyer et al, 2018) could benefit from addressing this topic within the LCP.…”

Section: Personal Financementioning

confidence: 99%

The life course paradigm and consumer behavior: Research frontiers and future directions

Moschis

2021

Psychology and Marketing

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Although researchers have been increasingly using life course perspectives for studying various types of consumption-related behaviors, they are yet to fully benefit from a recently developed multidisciplinary research approach, known as "the life course paradigm." This paradigm is viewed as a theoretical orientation for the study of stability and change in thoughts and actions over time. It is used extensively across disciplines and internationally, but it has received limited attention in the consumer field; and it has the potential of helping researchers improve their efforts to study consumers over time. To

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Using the life course paradigm to study financial well-being in late life

Cited by 8 publications

References 54 publications

Older adult consumers and local competition in the healthcare service

Older adult consumers and local competition in the healthcare service

Marketing inclusive banking services to financially vulnerable consumers: a service design approach

The life course paradigm and consumer behavior: Research frontiers and future directions

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