Aging and Financial Decision Making
研究认知能力下降如何影响美国老年人的财务决策能力，发现认知下降会降低金融素养和自信，但不会降低管理个人财务的信心，且许多认知下降者仍不寻求帮助。
This study examines how cognitive changes associated with aging impact the financial decision-making capability of older Americans. We find that a decrease in cognition is associated with a decrease in financial literacy. Decreases in episodic memory and visuospatial ability are associated with a decrease in numeracy, and a decrease in semantic memory is associated with a decrease in financial knowledge. A decrease in cognition also predicts a drop in self-confidence in general, but importantly, it is not associated with a drop in confidence in managing one’s own finances. Participants experiencing decreases in cognition do show an increased likelihood of getting help with financial decisions; however, many participants experiencing significant drops in cognition still do not get help. This paper was accepted by Teck-Hua Ho, behavioral economics.