Benefits of Experience and Knowledge for Older Adults’ Monetary Sequence Preferences

2021 ◽  
pp. 009141502110094
Author(s):  
Jenna M. Wilson ◽  
JoNell Strough ◽  
Natalie J. Shook
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Age Differences ◽  
Financial Literacy ◽  
Older Age ◽  
Younger Adults ◽  
Financial Decision Making ◽  
Significant Contributor ◽  
Financial Decision

Financial literacy and financial experience may be important for understanding age differences in financial decisionmaking. Older adults generally have more financial experience than younger adults do, and some studies suggest they also have better financial literacy. We investigated associations among age ( N = 594, aged 20–88, M age = 46.48), financial experience, financial literacy, and preferences for receiving larger (versus smaller) amounts of money sooner (versus later). Older age was correlated with preferences for receiving larger amounts of money sooner and smaller amounts later, but this association was no longer significant after accounting for financial experience and financial literacy. Financial experience was the only significant contributor. We discuss implications for improving financial decision-making across adulthood.

scholarly journals Challenges for Financial Decision Making at Older Ages

2017 ◽  
Author(s):  
Keith Jacks Gamble
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Financial Literacy ◽  
Significant Risk ◽  
Significant Risk Factor ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Self Confidence ◽  
Large Cohort Study ◽  
Financial Decision

Increased longevity has brought about financial challenges for which many seniors and their families are unprepared. This chapter describes recent research findings on financial decision making at older ages enabled by the Rush Memory and Aging Project, a large cohort study of aging. Although financial experience increases with age, financial decision making capabilities tend to diminish due to declines in cognitive ability. Declines in cognition coincide with diminished financial literacy and declining self-confidence. Older adults who experience cognitive decline often have difficulties managing their money and are more likely to get help with their financial decisions. Older adults are frequently targeted by scammers. Declining cognition is a significant risk factor for becoming a victim of financial fraud. Seniors who are over-confident in their financial knowledge are more likely to be victimized.

scholarly journals Age Differences in Executive Control Assessed with a Robotic Object Hit and Avoid Test of Rapid Motor Decision Making

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 881-882
Author(s):  
Alexandra Watral ◽  
Kevin Trewartha
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Executive Functioning ◽  
Age Differences ◽  
Executive Control ◽  
Test Performance ◽  
Cognitive Status ◽  
Younger Adults ◽  
Neuropsychological Tasks ◽  
Measures Of Performance

Abstract Motor decision-making processes are required for many standard neuropsychological tasks, including the Trail Making Test (TMT), that aim to assess cognitive functioning in older adults. However, in their standard formats, it is difficult to isolate the relative contributions of sensorimotor and cognitive processes to performance on these neuropsychological tasks. Recently developed clinical tasks use a robotic manipulandum to assess both motor and cognitive aspects of rapid motor decision making in an object hit (OH) and object hit and avoid (OHA) task. We administered the OH and OHA tasks to 77 healthy younger adults and 59 healthy older adults to assess age differences in the motor and cognitive measures of performance. We administered the TMT parts A and B to assess the extent to which OHA performance is associated with executive functioning in particular. The results indicate that after controlling for hand speed, older adults performed worse on the OH and OHA tasks than younger adults, performance declines were far greater in the OHA task, and the global performance measures, which have been associated with cognitive status, were more sensitive to age differences than motor measures of performance. Those global measures of performance were also associated with measures of executive functioning on the TMT task. These findings provide evidence that rapid motor decision making tasks are sensitive to declines in executive control in aging. They also provide a way to isolate cognitive declines from declines in sensorimotor processes that are likely a contributing factor to age differences in neuropsychological test performance.

scholarly journals Gender Differences in Financial Decisions

2018 ◽  
Vol 11 (1) ◽  
pp. 21-27
Author(s):  
Jeetendra Dangol
Keyword(s):  
Gender Differences ◽  
Decision Making ◽  
Financial Literacy ◽  
Sampling Technique ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Financial Decision ◽  
Convenience Sampling ◽  
Risk Taker ◽  
Survey Questionnaires

This paper examines the gender differences in financial decision-making of university students who are young, single, childless individuals that have at least average financial literacy and very small or no income. This paper is based on the survey questionnaires developed by Grable and Lytton (2003), distributed and collected from 100 students (50 men and 50 women) by using convenience sampling technique. The study finds that men and women differ in their financial decision. Women are less risk taker than men in financial decision-making; it indicates that women prefer to safer investment.

Metamemory and financial decision making in older adults without dementia.

2021 ◽  
Author(s):  
Lei Yu ◽  
Gary Mottola ◽  
Robert S. Wilson ◽  
Olivia Valdes ◽  
David A. Bennett ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Financial Decision Making ◽  
Financial Decision

scholarly journals DEATH ANXIETY AND FINANCIAL DECISION-MAKING IN AGING: A STUDY FROM THE HUMAN CONNECTOME PROJECT AGING (HCP-A)

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S907-S907
Author(s):  
Timothy K Ly ◽  
Mirella Diaz-Santos ◽  
Liam Campbell ◽  
Marcela Caldera ◽  
Taylor Kuhn ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Death Anxiety ◽  
Late Life ◽  
Financial Decision Making ◽  
Monetary Rewards ◽  
Delayed Reward ◽  
Human Connectome Project ◽  
Financial Decision ◽  
Delayed Reward Discounting

Abstract While research addressing late-life death anxiety (the fear of death or the dying process) has focused on end-of-life care decision-making, few have studied the effect of late-life death anxiety on financial decision-making. This is particularly relevant to financial decision-making as older adults are more vulnerable to fraud and deception. The aim of this study was to determine how age and death anxiety affect financial decision-making in a sample of older adults of 60-93 years of age (N = 102), who participated in the HCP-A project at UCLA. To study this relationship, we used a delayed reward discounting task to model financial decision-making, where higher rates of discounting indicate a greater preference for immediate, smaller monetary rewards and lower rates of discounting indicate more future-oriented planning. To account for age-related cognitive decline, cognitive functioning was assessed using the NIH Toolbox. We hypothesized that the presence of death anxiety will increase discounting of future rewards in older adults. Results from a univariate ANOVA showed an interaction between age, death anxiety, and delayed reward discounting. Specifically, older adults with self-reported death anxiety showed greater preference for immediate, smaller monetary rewards. By controlling for cognition, these findings suggest that death anxiety moderates decision-making in late-life adults and may add to our understanding of why older adults are more susceptible to financial abuse. These results suggest a need to consider death anxiety as a moderating variable when developing and implementing policies and services that are geared towards older adults.

scholarly journals Healthcare and Financial Decision Making and Incident Adverse Cognitive Outcomes among Older Adults

2019 ◽  
Vol 67 (8) ◽  
pp. 1590-1595 ◽  
Author(s):  
Christopher C. Stewart ◽  
Lei Yu ◽  
Robert S. Wilson ◽  
David A. Bennett ◽  
Patricia A. Boyle
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Cognitive Outcomes ◽  
Financial Decision Making ◽  
Financial Decision
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