Why do retirees avoid spending?

Why don't retirees spend their wealth more than they do. Why do these consumers avoid products that economic theory assumes they would embrace? Why don't more people seek financial advice that can help improve their financial outcomes?

In a podcast published May 20, 2019, on Seeking Alpha:

Unfortunately, many people don't seek financial advice, and it's not really clear why, whether they're relying on friends or family for help, if they're intimidated, or they're not sure where to get good advice. There are concerns that advisors don't have the best interests of their clients in mind, that they're just trying to sell them something. The financial services industry and financial advisors have been working very hard to overcome these misperceptions. They've made important advances in the products and forms of advice and the technology available for giving everyday investors and retirees good advice.


Dan Silverman, professor of economics and Rondthaler Chair