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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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Challenges for Financial Decision Making at Older Ages

Challenges for Financial Decision Making at Older Ages

Chapter:
(p.33) Chapter 3 Challenges for Financial Decision Making at Older Ages
Source:
Financial Decision Making and Retirement Security in an Aging World
Author(s):

Keith Jacks Gamble

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198808039.003.0003

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.

Keywords:   aging, retirement, financial decision making, cognitive decline, fraud, scams

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