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Financial Decision Making and Retirement Security in an Aging World$
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Olivia S. Mitchell, P. Brett Hammond, and Stephen P. Utkus

Print publication date: 2017

Print ISBN-13: 9780198808039

Published to Oxford Scholarship Online: November 2017

DOI: 10.1093/oso/9780198808039.001.0001

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Aging and Competence in Decision Making

Aging and Competence in Decision Making

Chapter:
(p.15) Chapter 2 Aging and Competence in Decision Making
Source:
Financial Decision Making and Retirement Security in an Aging World
Author(s):

Wändi Bruine de Bruin

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198808039.003.0002

This chapter reviews recent developments in research on decision making competence across the lifespan. It highlights age differences in four main skills that may contribute to making good decisions, namely cognitive deliberation, experience, emotions, and motivation. Although fluid cognitive abilities that underlie cognitive deliberation are known to decline with age, the others follow different paths with age. The chapter also discusses further research steps and potential interventions for targeting cognitive deliberation, experience, emotions, and motivation, so as to promote better decisions and associated life outcomes across the lifespan.

Keywords:   aging, decision making, interventions, cognitive deliberation, experience, emotions, motivation

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