A new research suggests that seniors can prove to be sharper compared with young adults when it comes to making financial decisions. This is because the former have a wealth of knowledge and experience accumulated over the years to look back at to arrive at a certain decision.
However, the study found that seniors may not be able to devise a solution quite as quickly as someone younger can. So, it may take old people longer to understand financial situations that are complex. Li, who worked on the study said that seniors may not have the advantage over younger people to make novel financial decisions like how to invest their money.
Li says that while younger people may think that seniors cannot make the right decisions because the brainpower declines with age, there are some types of decision making that they are better at and some that they are worse at.
In the study, the researchers sent different rounds of online questions to about 632 participants of whom 332 were aged between 18-29 years and 300 were aged between 60-82 years. Only half of the people in each group answered the questions in all the four rounds. Among the questions that the participants answered, there were math related, on vocabulary and one to consider whether it is wise for one to accept a smaller gift certificate now or wait for a longer time to get a larger one. Other questions were related to whether they would take risks and on their understanding of issues related to finances such as compound interest and debt.
It was found that seniors performed either as well as or better than younger participants of the study when it came to decision-making tasks.
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