Study: Aging Alone Does Not Diminish Financial Skills
New research from the Center for BrainHealth at The University of Texas at Dallas shows that advancing age alone is not the defining factor in impaired financial decision-making.
The study, published in Frontiers, assessed how - and whether - age influences cognitive processes that may be involved in financial decision-making. The researchers investigated how factors such as cognition, education and gender affected monetary choices.
'All too often, as people age, we tend to develop a bias expecting diminished capacities, which in turn overlooks, short-changes or discounts their competence to remain actively engaged in personal financial matters,' said study author Sandra Bond Chapman PhD'86, founder and chief director of the Center for BrainHealth, and Dee Wyly Distinguished University Professor.
The study, which included 200 cognitively healthy adults between 28 and 79 years old, examined the influence of age on financial decision-making in terms of sure options versus gamble options.
In the study, participants completed three hours of cognitive testing and several rounds of financial decision-making questions. They were tested on a large battery of cognitive measures in the domains of executive function, memory and complex attention.
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Published on Public July 19, 2018
