A new report by a team of researchers at Yale University found that adults age 65 and older are less likely to make rational financial decisions, according to HealthDay News. The report was published in the September issue of Psychology and Aging and stated that others should be aware of the difference between older and younger adults and how they make decisions.
Although the study's co-author Ifat Levy stated that further research is needed to directly connect the measures to real-life behavior, the ability of seniors to consider risk when it comes to their finances is still the issue at consideration, the source reported.
The study also found that older adults may be better than their younger counterparts when it comes to making economic decisions based on prior experience and knowledge, Levy explained to HealthDay News.
In a separate study by researchers at the University of California and Columbia University, 173 adults were split into two age categories - 18 to 29 and 60 to 82. They were then tested on how well they understood economic information and the financial decisions they made.
Findings agreed with Levy's study and said that experience played a significant role in decisions surrounding finances
Senior care services can help your loved one when it comes to making well-educated financial decisions.