Cognitive aging and the capacity to manage money

Belbase, Anek, and Geoffrey T. Sanzenbacher. “Cognitive aging and the capacity to manage money”. Issue in Brief 17-1, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, January 2017. http://hdl.handle.net/2345/bc-ir:107284.
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Abstract

The brief's key findings are: (1) Most people in their 70s and 80s can still manage their money, as financial capacity relies on accumulated knowledge, which largely stays intact with age. (2) However, financial novices who lack such knowledge and are forced to take over money management after a spouse dies will likely need help. (3) And individuals who develop a cognitive impairment may see a substantial reduction in their financial capacity and need someone to step in for them. (4) Given that this impaired group will grow to more than a third of individuals who reach their 80s, better monitoring of financial capacity will be essential.

Title
Cognitive aging and the capacity to manage money
Author
Belbase, Anek
Sanzenbacher, Geoffrey T.
Center
Center for Retirement Research
Genre
report
Date Issued
January 2017
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
17-1
Persistent Link
http://hdl.handle.net/2345/bc-ir:107284
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Health/Long-Term Care

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