Older adults have 'toxic combination' of lower financial literacy, higher self-confidence
Monday, May 9, 2016 - 16:01
in Psychology & Sociology
Previous studies have shown that as humans age, cognitive declines are inevitable. Now, a recent study by researchers at the University of Missouri and Texas Tech University has confirmed that this cognitive decline extends into financial literacy. The researchers also found that older individuals retain a strong sense of self-confidence, which could add to the problem, leading to significant mistakes when making financial decisions.