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How Does Aging Affect Financial Decision Making?

Author

Listed:
  • Keith Jacks Gamble
  • Patricia A. Boyle
  • Lei Yu
  • David A. Bennett

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.

Suggested Citation

  • Keith Jacks Gamble & Patricia A. Boyle & Lei Yu & David A. Bennett, 2015. "How Does Aging Affect Financial Decision Making?," Issues in Brief ib2015-1, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2015-1
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    File URL: http://crr.bc.edu/briefs/how-does-aging-affect-financial-decision-making/
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