Over the past few decades the significance of information and communication technologies has become apparent across various sectors of our modern society. In tandem with the global technological revolution and an increasing reliance on technology we have seen changes in the demographic profile of our populations. There is a worldwide trend of an increasing number of elderly people. Technology is seen as one option for supporting the elderly in maintaining social relationships, monitoring their health and living independently. One technological innovation that has been explored in various facets to support the elderly is Ambient Intelligence. This paper discusses the privacy implications of ambient intelligence based systems taking into account elderly users and adopters. Technological advancements and their applications should be understood from a socio-technical basis with regards to the potential impact on users and society at large. This research study adopted the systematic literature review method to identify, analyze and synthesize secondary data. This study appraises existing literature related to Ambient Intelligence, privacy concerns and the elderly over the past decade and contributes lessons and direction for practice and research.