Financial decision making among older adults: The effects of self-reported knowledge and performance on the Iowa gambling task

2009 ◽  
Author(s):  
Catherine Cole ◽  
Sara Shivapour ◽  
Dan Shivapour ◽  
Allison Kaup ◽  
Mike Hernandez ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Iowa Gambling Task ◽  
Gambling Task ◽  
Financial Decision Making ◽  
Financial Decision ◽  
And Performance

Metamemory and financial decision making in older adults without dementia.

2021 ◽  
Author(s):  
Lei Yu ◽  
Gary Mottola ◽  
Robert S. Wilson ◽  
Olivia Valdes ◽  
David A. Bennett ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Financial Decision Making ◽  
Financial Decision

scholarly journals DEATH ANXIETY AND FINANCIAL DECISION-MAKING IN AGING: A STUDY FROM THE HUMAN CONNECTOME PROJECT AGING (HCP-A)

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S907-S907
Author(s):  
Timothy K Ly ◽  
Mirella Diaz-Santos ◽  
Liam Campbell ◽  
Marcela Caldera ◽  
Taylor Kuhn ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Death Anxiety ◽  
Late Life ◽  
Financial Decision Making ◽  
Monetary Rewards ◽  
Delayed Reward ◽  
Human Connectome Project ◽  
Financial Decision ◽  
Delayed Reward Discounting

Abstract While research addressing late-life death anxiety (the fear of death or the dying process) has focused on end-of-life care decision-making, few have studied the effect of late-life death anxiety on financial decision-making. This is particularly relevant to financial decision-making as older adults are more vulnerable to fraud and deception. The aim of this study was to determine how age and death anxiety affect financial decision-making in a sample of older adults of 60-93 years of age (N = 102), who participated in the HCP-A project at UCLA. To study this relationship, we used a delayed reward discounting task to model financial decision-making, where higher rates of discounting indicate a greater preference for immediate, smaller monetary rewards and lower rates of discounting indicate more future-oriented planning. To account for age-related cognitive decline, cognitive functioning was assessed using the NIH Toolbox. We hypothesized that the presence of death anxiety will increase discounting of future rewards in older adults. Results from a univariate ANOVA showed an interaction between age, death anxiety, and delayed reward discounting. Specifically, older adults with self-reported death anxiety showed greater preference for immediate, smaller monetary rewards. By controlling for cognition, these findings suggest that death anxiety moderates decision-making in late-life adults and may add to our understanding of why older adults are more susceptible to financial abuse. These results suggest a need to consider death anxiety as a moderating variable when developing and implementing policies and services that are geared towards older adults.

scholarly journals Healthcare and Financial Decision Making and Incident Adverse Cognitive Outcomes among Older Adults

2019 ◽  
Vol 67 (8) ◽  
pp. 1590-1595 ◽  
Author(s):  
Christopher C. Stewart ◽  
Lei Yu ◽  
Robert S. Wilson ◽  
David A. Bennett ◽  
Patricia A. Boyle
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Cognitive Outcomes ◽  
Financial Decision Making ◽  
Financial Decision

scholarly journals FINANCIAL DECISION MAKING SELF-EFFICACY IN COGNITIVELY AND FINANCIALLY VULNERABLE OLDER ADULTS

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S477-S478
Author(s):  
Evan Z Gross ◽  
Rebecca J Campbell ◽  
LaToya Hall ◽  
Peter Lichtenberg
Keyword(s):  
Alzheimer’S Disease ◽  
Older Adults ◽  
Alzheimer's Disease ◽  
Decision Making ◽  
Cognitive Impairment ◽  
Self Efficacy ◽  
Clinical Samples ◽  
Financial Decisions ◽  
Financial Decision Making ◽  
Financial Decision

Abstract Financial decision making self-efficacy (FDMSE) is a novel construct that may influence how older adults make financial decisions. Our previous research with a community sample of older adults demonstrated that cognitive functioning and suspected history of financial exploitation were both associated with low FDMSE. We sought to replicate these findings in two clinical samples of older adults: people with mild cognitive impairment (MCI) or probable Alzheimer’s disease (PAD) and current victims of scams or exploitation as determined by a financial coach. Samples were obtained from the Michigan Alzheimer’s Disease Center and a financial coaching intervention study. All participants completed a 4-item FDMSE measure. One-way ANOVAs, t-tests and chi-square tests were conducted to test for group differences with controls on demographics. There was a main effect of cognitive status on FDMSE, F(2,138) = 8.10, p < .001, which was driven by higher FDMSE in the healthy group (N = 63) than the MCI (N = 76) or PAD (N = 28) groups. Similarly, scam victims (N = 25) had significantly lower FDMSE than non-exploited (N = 25) peers, t(48)=2.33, p < 05. Cognitive impairment and current financial scams are both associated with low FDMSE levels. Low FDMSE may exacerbate cognitive and psychosocial vulnerabilities that contribute to risk for poor financial decisions among older adults. Future interventions to enhance FDMSE may help older adults make better decisions despite changes in thinking abilities or previous negative financial experiences.

Self-awareness for financial decision making abilities is linked to right temporal cortical thickness in older adults

2021 ◽  
Author(s):  
Preeti Sunderaraman ◽  
Seonjoo Lee ◽  
Eleanna Varangis ◽  
Christian Habeck ◽  
Silvia Chapman ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Cortical Thickness ◽  
Self Awareness ◽  
Financial Decision Making ◽  
Financial Decision

scholarly journals Low Total Cholesterol Levels and Performance on the Iowa Gambling Task

2015 ◽  
Vol 131 (2) ◽  
pp. 19-24
Author(s):  
Mathew H. Gendle ◽  
Alyssa G. Flashburg ◽  
Kristi L. Higgins ◽  
Kristianne M. Oristian
Keyword(s):  
Decision Making ◽  
Total Cholesterol ◽  
Iowa Gambling Task ◽  
Behavioral Outcomes ◽  
Gambling Task ◽  
Cholesterol Levels ◽  
Healthy Female ◽  
Standardized Measure ◽  
And Performance ◽  
University Undergraduates

Abstract Very low levels of systemic total cholesterol (TC) may have adverse neurological consequences, and there is a lack of research investigating how TC levels are related to specific aspects of behavior and cognition. This study examined the relationship between low TC levels and performance on the Iowa Gambling Task (IGT), a standardized measure of decision making. Fasting plasma TC levels were measured in 61 healthy female university undergraduates, various demographic and health measures were obtained, and each participant completed the IGT. Individuals with TC < 140 mg/dL performed significantly more poorly on the IGT than those with TC ≥ 140 mg/dL (p  = 0.01). On the IGT, participants with TC levels < 140 mg/dL persisted in preferentially responding to task stimuli with large and immediate monetary gains, despite the fact that these gains were yoked to increasing and unpredictable losses over time. This difference cannot be attributed to dissimilarities in BMI or general health between the groups. These findings indicate that TC levels < 140 mg/dL are associated with significant impairments in decision making and heightened behavioral impulsivity. Negative cognitive and behavioral outcomes with “real-world” relevance may be associated with very low TC levels.

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