Age has little bearing on seniors financial capabilities

BEIJING: It’s not too far of a stretch to assume that ageing and the onset of cognitive decline weighs on one’s financial decision-making later in life. However, a recent study suggests that waning cognition has a much greater impact in certain areas compared to others when it comes to managing finances.

The study confirms that declining cognition, a common occurrence among individuals in their 80s, is associated with a significant decline in financial literacy. However, the study also finds that large declines in cognition and financial literacy have little effect on an elderly individual’s confidence in their financial knowledge, and essentially no effect on their confidence in managing their finances…

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