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Cognitive decline as we age
A recent US study conducted by Professor Michael Finke, Director of Personal Financial Planning at the Texas Tech University, charts the decline in our ability to maintain our financial literacy as we age.
Professor Finke's research discovered that Cognitive decline is a natural part of ageing. It happens to each of us, no matter how many crossword puzzles we do nor how much investment experience we’ve had in our lives.
Part of our retirement planning needs to include planning for how well we cope with this decline. It is important to acknowledge we may not always recognise when the decline in financial literacy occurs. Professor Finke states decline in financial literacy is similar to the decline in our ability to drive; Everyone else can see it happening, but few recognise it in themselves.
As we age, it is important to have trusted family members and advisers to assist us so that no major financial errors are made or that we do not become victims of financial scams. Children with ageing parents need to be aware of this decline to ensure their parents are adequately supported when this decline occurs
In Professors Finke’s study, our ability to make financial decisions and confidence levels in financial literacy score very close together at age 60; However once we are at age 87 our ability drops to a score of 20 whilst our confidence level remains up at a score of 75.
This difference lends itself to those aged people who do not receive the appropriate support and guidance, therefore making potential errors of judgement.
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