Aging and Financial Decision Making

• 成果类型: Article
• 署名作者: Gamble, Keith Jacks; Boyle, Patricia A.; Yu, Lei; Bennett, David A.
• 署名单位: DePaul University; Rush University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2014.2010
• 发表日期: 2015
• 页码: 2603-2610
• 关键词: economics; behavior and behavioral decision making; microeconomic behavior; finance; Aging; financial literacy; retirement

摘要

This study examines how cognitive changes associated with aging impact the financial decision-making capability of older Americans. We find that a decrease in cognition is associated with a decrease in financial literacy. Decreases in episodic memory and visuospatial ability are associated with a decrease in numeracy, and a decrease in semantic memory is associated with a decrease in financial knowledge. A decrease in cognition also predicts a drop in self-confidence in general, but importantly, it is not associated with a drop in confidence in managing one's own finances. Participants experiencing decreases in cognition do show an increased likelihood of getting help with financial decisions; however, many participants experiencing significant drops in cognition still do not get help.