How Does Aging Affect Financial Decision Making?

Keith Jacks Gamble, Patricia A. Boyle, Lei Yu and David A. Bennett

Issues in Brief from Center for Retirement Research

Abstract: The brief’s key findings are: *With the shift from traditional pensions to 401(k) plans, the welfare of retirees depends increasingly on their ability to make sound financial decisions. *Using a dataset that follows a group of older individuals in the Chicago area, the analysis examines how aging affects financial decision making. *Participants who suffer cognitive decline experience a reduction in their financial literacy but no change in their confidence in managing their money. *Perhaps not surprisingly then, while they are more likely to get help with financial decisions, more than half retain primary responsibility for managing their money.

Pages: 7 pages
Date: 2015-01
New Economics Papers: this item is included in nep-age, nep-cbe, nep-neu and nep-upt
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Citations: View citations in EconPapers (25)

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