How Does Ageing Affect Financial Decision Making?
A new study from the Center for Retirement Research “How does ageing affect financial decision making?” The study followed a group of seniors of a period of time and measured their financial literacy. They also tracked the senior’s self-assessment on their confidence of their ability to make decisions. The study’s finding was that the seniors financial literacy declined by about one percent per year while their confidence in their decision making ability remained relatively constant. This, the study concluded, raises serious concerns over seniors retaining primary responsibility for managing their finances.