Financial decision making in late adulthood. The project aims to examine links between cognitive changes and financial decision-making in late adulthood and also to assess the preparedness of the elderly to combat financial risks due to age-related cognitive decline. Further, it intends to examine how age, education, wealth, health, and other environmental factors influence transfer of financial decision-making responsibilities to spouses or others. It is expected that the research will provide ....Financial decision making in late adulthood. The project aims to examine links between cognitive changes and financial decision-making in late adulthood and also to assess the preparedness of the elderly to combat financial risks due to age-related cognitive decline. Further, it intends to examine how age, education, wealth, health, and other environmental factors influence transfer of financial decision-making responsibilities to spouses or others. It is expected that the research will provide a greater understanding of how cognitive functioning and other factors affect older adults’ financial capacity and willingness to delegate decision-making responsibilities. This understanding could be used to inform policy initiatives to protect elderly individuals and their family members from the risk of financial mismanagement.Read moreRead less
Australian Laureate Fellowships - Grant ID: FL110100247
Funder
Australian Research Council
Funding Amount
$2,461,000.00
Summary
Understanding the implications of population ageing for the future costs of funding health care, aged care and aged pensions in Australia. Decisions about health insurance, aged care, superannuation and retirement are often very complex, and most people find making the best choices extremely challenging. This project will develop new models and design new policies that can help people make better decisions in these areas, leading to greater well being in retirement.