Financial decision making in late adulthood (ARC Linkage Project administered by QUT) (2016-2020)
Abstract
The proposal aims to examine links between cognitive changes and financial decision-making in late adulthood and also assess the preparedness of the elderly to combat financial risks due to age-related cognitive decline. Further, it will examine how age, education, wealth, health, and other environmental factors influence transfer of financial decision making responsibilities to spouse or others. The research will provide greater understanding of how cognitive functioning and other factors impact older adults¿ financial capacity and willingness to delegate decision making responsibilities. It will result in better informed policy initiatives to protect elderly individuals and their family members from the risk of financial mismanagement.
