I'm 54. It follows that I see a number of people my age. I'm churchgoing, as well as involved in a number of clubs (pilots, rowing, legos, etc). So I get to rub shoulders with a decent amount of people. And especially a bunch of older people. Our parents are aging.
I'm just beginning to see how hard these years from here on out have a number of difficult challenges. I've begun writing myself notes that I hope will help me navigate the years ahead. One of the key issues is feeling relevant still. As well as losing your competitive edge. Your formative wisdom is being invalidated and eroded constantly.
Couple that with a period of euphoria that was experienced as post WWII prosperity followed by the cessation of the "cold war" and a surge in population, and you have a group of people that are more in their own generational bubble than historically. There's enough peers to make you feel like you're in the majority. I think many of these people feel like this is good, because it feeds the need for relevancy. It's not uncommon for older people to lash out, somewhat foolishly, as they transit these years. And as cognition decreases, it becomes easier to game people in this age bracket (unless someone has a better explanation for why older people are the best target of scams).
As I visit with many of the older genrations (not all of course), their justifications, when pared back often come down to "this makes me feel relevant again". And attempts to restore "the narrative I have in my head about how life was in the good years".
Just some rambling thoughts, about why some people think this is good. It's less about the money to them, and more about a hope of something gained. Not unlike a terminally ill person blowing a wad of cash on something that they would never otherwise have justified.
It is sad, that it comes at the expense of the younger generations. It breaks my heart actually.