title: Aging and Financial Decision Making.
abstract: 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.
authors.forename: Keith
authors.initials: K
authors.lastname: Gamble
authors.forename: Patricia
authors.initials: P
authors.lastname: Boyle
authors.forename: Lei
authors.initials: L
authors.lastname: Yu
authors.forename: David
authors.initials: D
authors.lastname: Bennett