Fluid Intelligence Cognitive Theory Word Recall Test (immediate and delayed average, 2010 Health & Retirement Study) (Source:)

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Presentation transcript:

Fluid Intelligence

Cognitive Theory

Word Recall Test (immediate and delayed average, 2010 Health & Retirement Study) (Source:)

Rates of cognitive impairment by Age (Source Agarwal, Driscoll, Gabaix and Laibson, 2010)

Interest Rates on Loans

Financial Literacy (TTU Financial Literacy Assessment Project) Examples of questions: 8. Savings accounts and money market accounts are most appropriate for 1 Long-term investments like retirement 2 Emergency funds and short-term goals 3 Earning a high rate of return 17. If you have an insurance policy with a higher deductible, the premiums will be 1 Higher 2 Lower 3 The same

Investments 13. The benefit of owning investments that are diversified is that it 1 Reduces risk 2 Increases return 3 Reduces tax liability 15. The main advantage of a 401(k) plan is that it: 1 Provides a high rate of return with little risk 2 Allows you to shelter retirement savings from taxation 3 Provides a well diversified mix of investment assets

Age and Literacy

Literacy and Confidence

By Topic Area

Equity allocation and cognitive decline

Who Pays for Financial Advice? (By Age & Type of Advice) (Source: Finke, Huston, and Winchester, 2011)

Accepting Cognitive Aging Decline in financial decision making ability mirrors decline in cognitive ability in advanced age Importance of planning for cognitive decline Similar to decline in driving But, when drivers given objective evidence of declining skills, they change behavior (Holland & Rabbitt, 1992)

Thank You! Michael Finke