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The paper presents an empirical model of acceptance of mobile phones by elderly people. It is based on an extension of the widely used TAM-Technology Acceptance Model and aims specifically at investigating the relationship among intrinsic and extrinsic motivations to use. The data consists of 740 questionnaires from people over 65 years old. The validated model shows that intrinsic motivations play an important role albeit always mediated by utilitarian motives. Similarly, it emerges a strong influence of the reference social group (children and relatives) in increasing the utilitarian values of the use of mobile phones. These findings suggest that mobile phone usage by elderly might not be, after all, too much different, from a motivational point of view, from that of younger or adult people.