Investigating the Influence of Cognitive Decline on the Quality of Financial Decision-Making in Older Adults: The Case of Self-Managed Superannuation Funds

2013 ◽  
Author(s):  
Joanne K Earl ◽  
Paul Gerrans ◽  
Anthony Asher ◽  
Julie Woodside
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Cognitive Decline ◽  
Financial Decision Making ◽  
Financial Decision

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.

Impaired Financial Decision-Making as an Early Indicator of Cognitive Decline: A Commentary

2021 ◽  
pp. 1-8
Author(s):  
Ashley Taeckens-Seabaugh ◽  
Jessica King McLaughlin ◽  
Jennifer C. Greenfield ◽  
Kaipeng Wang ◽  
Eric S. Chess
Keyword(s):  
Decision Making ◽  
Cognitive Decline ◽  
Early Indicator ◽  
Financial Decision Making ◽  
Financial Decision

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
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