Wiebke Eberhardt|Wändi Bruine de Bruin|JoNell Strough
Age differences in financial decision making: <scp>T</scp>he benefits of more experience and less negative emotions
Maastricht University|University of Leeds|Carnegie Mellon University|West Virginia University
abstract emerging literature aging decision making posits decisionmaking competence changes age result age differences various cognitive noncognitive individualdifferences characteristics national lifespan sample united kingdom n 926 examined age differences financial decisions including performance measures sunk cost credit card repayment decisions selfreport measures money management financial decision outcomes participants also completed four individualdifferences characteristics proposed relevant financial decision making including two cognitive ones numeracy experiencebased knowledge two noncognitive ones negative emotions financial decisions first examined age related four financial decisionmaking measures four individualdifferences characteristics older age correlated better scores four financial decisionmaking measures experiencebased knowledge less negative emotions financial decisions whereas numeracy motivation significantly correlated age second found considering two cognitive two noncognitive individualdifferences characteristics increased predictions financial decision making compared considering either alone third examined four individualdifferences characteristics contributed age differences financial decision making older adults higher levels experiencebased knowledge lower levels negative emotions seemed especially benefit financial decision making discuss implications theories aging decision making well interventions targeting financial decisions