Cognitive Health, Household Financial Decision-Making, and Intrahousehold Financial Spillovers

Carole Roan Gresenz (), Jean M Mitchell (), R. Scott Turner (), Wilbert van der Klaauw and Crystal Wang
Additional contact information
Carole Roan Gresenz: https://gufaculty360.georgetown.edu/s/contact/00336000014Tg42AAC/carole-roan-gresenz
Jean M Mitchell: https://gufaculty360.georgetown.edu/s/contact/00336000014RXziAAG/jean-mitchell
R. Scott Turner: https://neurology.georgetown.edu/turner/

No 1169, Staff Reports from Federal Reserve Bank of New York

Abstract: We study the spillover effects of cognitive decline in one member of a coupled household on the financial outcomes of their partner and assess how “own” and spillover effects are moderated by the structure of household financial decision-making. We use a large, nationally representative longitudinal data set spanning 2000-2017 that includes credit report data merged at the individual level with Medicare claims and enrollment data. We find the own adverse financial consequences of cognitive decline depend on household financial integration and other characteristics associated with household financial management, and find significant, albeit smaller (vs own), adverse financial spillover effects on partners.

Keywords: Debt repayment; cognitive decline; household financial management; spillover effects (search for similar items in EconPapers)
JEL-codes: D91 G41 G51 (search for similar items in EconPapers)
Pages: 44
Date: 2025-10-01
New Economics Papers: this item is included in nep-hea and nep-neu
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DOI: 10.59576/sr.1169

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