Examples of Consumer Vulnerability:
Sometimes consumer vulnerability can be a transient state that affects people at different periods of time, or it can be long-term in effect. The key factors that are the triggers of vulnerability are not intrinsic factors to the consumer but are external factors. It may be triggered by events or actions such as loss of a job, bereavement, the onset of disability, or becoming a carer. Vulnerability is usually multi-dimensional. For example carers are likely to be on low incomes and more at risk of poor health; similarly many people with mental health issues are likely to be on a low income. In general, a sudden change in circumstances or may be an unexpected drop in income can place people at greater risk
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For instance, everyone undergoing a divorce need not experience grief. People become vulnerable when and because there is a risk that someone or something may cause them harm when they are in that particular state.
In case of an individual consumer’s vulnerability, a good example can be age. Older people are typically described to be at a disadvantage. In many conditions this may be true. However, during some instances like having the time to search for a good provider, the scenario might be different. Older people can be well educated, knowledgeable, understanding, and have enough time to spend on the search. On the other hand a working age full time employed consumer may well be more vulnerable to making a poor choice as they may have extremely less time. Recent research conducted by the Trading Standards Institute explains how everyone, including those who are not normally considered to be vulnerable, can fall victim to the most disastrous scams.
There exist some risk factors defined as circumstances that could contribute towards making a consumer vulnerable. The existence of one or more risk factors could increase the likelihood of a consumer being at a disadvantage or suffering loss or detriment during a transaction or communication with an