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Adults Make Riskier, More Inconsistent Decisions As They Get Older, Study Finds

Posted by Soulskill on from the they-have-more-reason-to-worry-about-the-short-term dept.

schliz writes "People aged over 65 make poorer financial decisions and more inconsistent choices than younger individuals with the same IQ, an international research group has found. The study (abstract) had 135 healthy participants aged 12-90 make a series of decisions: for example, choosing between gaining $5 and the chance to win $20 in a lottery. On average, over-65s earned 26-39% less than all other age groups, including adolescents — a finding that could partially explain their susceptibility to problem gambling and scams."

2 of 225 comments (clear)

  1. Re:They've got money to burn by CanHasDIY · · Score: 5, Insightful

    OR, they're more worried about fiscal security at the end of their lives, and fear of things like being shoved in a crappy nursing home and having all their possessions sold off frightens them into taking risks they wouldn't otherwise consider.

    Not all people over 65 are rich, you know; fact is, most are quite the opposite.

    --
    An enigma, wrapped in a riddle, shrouded in bacon and cheese
  2. You reach a certain age and... by skids · · Score: 5, Insightful

    ...someday you say to yourself "Look, for my entire life I've done the 'right thing' and even now it doesn't help my joints stop aching or buy me a bowel movement, so what the hell, let's try something else."

    --
    Someone had to do it.