Older adults with hearing loss have greater difficulty recognizing target speech in multi-talker environments than young adults with normal hearing, especially when target and masker speech streams are perceptually similar. A difference in fundamental frequency (f0) contour depth is an effective stream segregation cue for young adults with normal hearing. This study examined whether older adults with varying degrees of sensorineural hearing loss are able to utilize differences in target/masker f0 contour depth to improve speech recognition in multi-talker listening. Speech recognition thresholds (SRTs) were measured for speech mixtures composed of target/masker streams with flat, normal, and exaggerated speaking styles, in which f0 contour depth systematically varied. Computational modeling estimated differences in energetic masking across listening conditions. Young adults had lower SRTs than older adults; a result that was partially explained by differences in audibility predicted by the model. However, audibility differences did not explain why young adults experienced a benefit from mismatched target/masker f0 contour depth, while in most conditions, older adults did not. Reduced ability to use segregation cues (differences in target/masker f0 contour depth), and deficits grouping speech with variable f0 contours likely contribute to difficulties experienced by older adults in challenging acoustic environments.