scholarly journals Risk Tolerance and Alcohol Demand Among Adults and Older Adults

2007 ◽  
Author(s):  
Dhaval Dave ◽  
Henry Saffer
Keyword(s):  
Older Adults ◽  
Risk Tolerance ◽  
Alcohol Demand

How Self-Employed Older Adults Differ by Age: Evidence and Implications From the Health and Retirement Study

2020 ◽  
Author(s):  
Cal J Halvorsen
Keyword(s):  
Older Adults ◽  
Binary Logistic Regression ◽  
Later Life ◽  
Safety Net ◽  
Risk Tolerance ◽  
Health And Retirement Study ◽  
Retirement Benefits ◽  
Self Employment ◽  
Design And Methods ◽  
Retirement Study

Abstract Background and Objectives There has been increased attention in recent years on self-employment in later life, with about 1 in 5 workers past of the age of 50 working for themselves. This study aims to build upon previous documentation of the characteristics of self-employed older adults by estimating how these characteristics vary by age. Research Design and Methods Using 7 waves of the Health and Retirement Study with a sample of more than 16,000 working older adults, this study considers how the association between self-employment and sociodemographic characteristics; indicators of human, social, and financial capital; and risk tolerance differ between adults aged 50–61 and 62 years and older. Binary logistic regression and seemingly unrelated estimation are used to estimate and compare the characteristics by age group. Results Compared to wage-and-salary work and controlling for all other factors in the models, the oldest self-employed group was more likely to identify as Black, report lower health, and receive health insurance from several sources than the younger group. Further, the older group reported lower individual earnings from work yet higher total household income (less individual earnings) and was also less likely to formally volunteer at the highest commitment levels. Discussion and Implications With some exceptions, these results indicate that the diversity of self-employed older adults within traditional retirement age is greater than among those before this age. Implications regarding how access to key safety net programs, such as Social Security retirement benefits and Medicare, may lead to this finding are discussed.

scholarly journals Neural and behavioral correlates of episodic memory are associated with temporal discounting in older adults

2019 ◽  
Author(s):  
Karolina M. Lempert ◽  
Dawn J. Mechanic-Hamilton ◽  
Long Xie ◽  
Laura E.M. Wisse ◽  
Robin de Flores ◽  
...  
Keyword(s):  
Older Adults ◽  
Individual Differences ◽  
Episodic Memory ◽  
Temporal Lobe ◽  
Cortical Thickness ◽  
Medial Temporal Lobe ◽  
Structural Integrity ◽  
Temporal Discounting ◽  
Risk Tolerance ◽  
Trade Offs

AbstractWhen facing decisions involving trade-offs between smaller, sooner and larger, delayed rewards, people tend to discount the value of future rewards. There are substantial individual differences in this tendency toward temporal discounting, however. One neurocognitive system that may underlie these individual differences is episodic memory, given the overlap in the neural circuitry involved in imagining the future and remembering the past. Here we tested this hypothesis in older adults, including both those that were cognitively normal and those with amnestic mild cognitive impairment (MCI). We found that performance on neuropsychological measures of episodic memory retrieval was associated with temporal discounting, such that people with better memory discounted delayed rewards less. This relationship was specific to episodic memory and temporal discounting, since executive function (another cognitive ability) was unrelated to temporal discounting, and episodic memory was unrelated to risk tolerance (another decision-making preference). We also examined cortical thickness and volume in medial temporal lobe regions critical for episodic memory. Entorhinal cortical thickness was associated with reduced temporal discounting, with episodic memory performance partially mediating this association. The inclusion of MCI participants was critical to revealing these associations between episodic memory and entorhinal cortical thickness and temporal discounting. These effects were larger in the MCI group, reduced after controlling for MCI status, and statistically significant only when including MCI participants in analyses. Overall, these findings suggest that individual differences in temporal discounting are driven by episodic memory function, and that a decline in medial temporal lobe structural integrity may impact temporal discounting.

scholarly journals Why do older adults avoid seeking financial advice? Adviser anxiety in the Netherlands

2016 ◽  
Vol 37 (6) ◽  
pp. 1268-1290 ◽  
Author(s):  
HENDRIK P. VAN DALEN ◽  
KÈNE HENKENS ◽  
DOUGLAS A. HERSHEY
Keyword(s):  
Older Adults ◽  
Time Perspective ◽  
Future Time Perspective ◽  
Risk Tolerance ◽  
Hierarchical Regression ◽  
Future Time ◽  
Low Incomes ◽  
The Common ◽  
Low Levels ◽  
Item Scale

ABSTRACTWhy is it that many people fail to seek retirement planning advice when doing so is clearly indicated? Distrust of financial intermediaries is often presented as the common answer. But this paper shows that trust issues are only part of the answer; an appreciable proportion of individuals experience anxiety at the prospect of visiting a financial adviser. In the present investigation, financial adviser anxiety is studied among 950 Dutch adults over the age of 50. Anxiety levels were measured using a six-item scale that was administered as part of a larger nationwide investigation on retirement attitudes and behaviour. Findings revealed that nearly one-third of respondents reported having moderate to severe levels of anxiety at the prospect of visiting a financial professional. Furthermore, a hierarchical regression analysis revealed that strong predictors of anxiety included one's educational level, income, age, level of future time perspective, risk tolerance, financial knowledge and scepticism regarding whether advice from a financial professional can be trusted. A cluster analysis using demographic and psychological covariates identified three separate groups of older adults that were found to differ in terms of their mean level of anxiety. Those who had low levels of education and low incomes were found to disproportionately display high levels of financial adviser anxiety.

scholarly journals A personal financial risk assessment intervention decreases investment fraud susceptibility in older adults

2020 ◽  
Author(s):  
Matthew Martin ◽  
Jayden Rae ◽  
Sekoul Krastev ◽  
Dan Pilat ◽  
Brooke Struck ◽  
...  
Keyword(s):  
Older Adults ◽  
Risk Assessment ◽  
Financial Risk ◽  
Risk Preferences ◽  
Age Groups ◽  
Risk Tolerance ◽  
Future Research ◽  
Older Individuals ◽  
Normal Ageing ◽  
Underlying Mechanisms

Older adults are more often the targets and victims of financial fraud, with Americans aged 65and older being 34% more likely to lose money due to fraud than those in their forties. This greater susceptibility to fraudulent offers may be due to a shift from more deliberative thinking to automatic thinking that occurs during normal ageing. This experiment tests an intervention that engages deliberative thinking about risk preferences (aPersonal Risk Assessment) as a means of decreasing susceptibility to an email with tell-tale signs of a fraudulent investment. The intervention was delivered to younger (aged < 60) and older (aged 60+) groups. Compared to age-matched controls, the intervention reduced susceptibility in the older group but not the younger one. This difference between the groups may be due to different underlying risk preferences, with the younger group having more risk tolerance. Prompting older adults to deliberately reflect on their risk-aversive preferences thus appears to counteract the effects of age on susceptibility to fraud. This experiment provides a new means of reducing susceptibility to fraud among older individuals. Future research should examine ways of decreasing susceptibility in younger populations and investigate underlying mechanisms of fraud susceptibility in both age groups.

scholarly journals Overconfidence in financial knowledge associated with financial risk tolerance in older adults

2020 ◽  
Author(s):  
Gregory Russell Samanez-Larkin ◽  
Gary Mottola ◽  
Darby Heflin ◽  
Lei Yu ◽  
Patricia Boyle
Keyword(s):  
Older Adults ◽  
Cognitive Impairment ◽  
Risk Aversion ◽  
Risk Taking ◽  
Financial Literacy ◽  
Financial Risk ◽  
Risk Tolerance ◽  
Older Age ◽  
Financial Knowledge ◽  
Financial Risk Tolerance

Taking excessive financial risk in older age can have harmful, far-reaching consequences as opportunities to recover lost wealth are limited. Better understanding the mechanisms of financial risk taking in older age is critically important for both identifying vulnerabilities in certain older adults and for developing interventions to empower aging investors to make wise financial choices into the most advanced ages. The goals of the present study were to identify age differences in financial literacy, confidence in financial knowledge, and risk taking and how literacy and confidence were related to financial risk taking across older adults with and without cognitive impairment (ages 58–101). Using cross-sectional data from the Rush Memory and Aging Project, analyses revealed that risk aversion was higher and self-reported willingness to take financial risks was lower at older ages. Financial literacy was similar across the sixties and seventies but lower at the oldest ages. However, confidence in financial knowledge was not associated with age when controlling for financial literacy. In exploratory analyses, a measure of overconfidence in financial knowledge was positively associated with self-reported financial risk tolerance but not a behavioral measure of risk aversion. The overconfidence effect on risk tolerance did not vary across individuals with no cognitive impairment or Mild Cognitive Impairment (MCI). Overconfidence accounted for about 6% of the variance in financial risk tolerance. The present results suggest that overconfidence may contribute to risky financial behavior. Calibration of confidence levels to actual literacy is a potential target for future interventions aimed at protecting senior investors.

scholarly journals PREDICTIONS OF RISK TOLERANCE ACROSS DISEASE SCENARIOS AMONG OLDER ADULTS

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S845-S845
Author(s):  
Catherine Ju ◽  
Brian Carpenter
Keyword(s):  
Older Adults ◽  
Advance Care Planning ◽  
Risk Tolerance ◽  
Medical Decision ◽  
Care Planning ◽  
Physical And Mental Health ◽  
Patient Centered ◽  
Medical Treatments ◽  
Risk Of Death ◽  
Advance Care

Abstract Advance care planning requires older adults to contemplate what kind of medical care they would prefer if faced with serious illness. Those decisions involve weighing risks of medical treatments with quality of life. The purpose of this project was to explore older adults’ tolerance for risk in medical treatment scenarios. Thirty-three adults over age 60 (mean age = 74.9, SD = 8.9) were presented with four medical scenarios reflecting increasingly severe diseases (urinary incontinence, kidney failure, dysphagia, Alzheimer disease). For each, they were asked whether they would accept a treatment with increasing risk of death (5%, 50%, 95%). Participants also recorded demographic characteristics and completed a physical and mental health measure. Older adults were more willing to accept hypothetical treatments with lower risk of death (Cochran’s Q = 27.8 - 39.0, p’s < .001), and they were more willing to accept treatments when faced with more severe diseases (Cochran’s Q = 8.7 - 29.8, p’s < .05). There were no significant associations between risk tolerance and demographic and health characteristics. These results suggest that older adults are diverse in their willingness to accept medical treatments risks, at least when presented with hypothetical medical scenarios. Medical professionals and family members who collaborate with older adults should be aware of this diversity of preferences and check assumptions based in demographic and health characteristics. Given these nuances, interventions to promote communication about medical preferences are essential to patient-centered advance care planning and medical decision making.

Cognitive control constrains memory attributions

2019 ◽  
Vol 42 ◽  
Author(s):  
Colleen M. Kelley ◽  
Larry L. Jacoby
Keyword(s):  
Alzheimer’S Disease ◽  
Older Adults ◽  
Alzheimer's Disease ◽  
Traumatic Brain Injury ◽  
Brain Injury ◽  
Cognitive Control

Abstract Cognitive control constrains retrieval processing and so restricts what comes to mind as input to the attribution system. We review evidence that older adults, patients with Alzheimer's disease, and people with traumatic brain injury exert less cognitive control during retrieval, and so are susceptible to memory misattributions in the form of dramatic levels of false remembering.

Cognitive Load Affects Speech Motor Performance Differently in Older and Younger Adults

2019 ◽  
Vol 62 (5) ◽  
pp. 1258-1277 ◽  
Author(s):  
Megan K. MacPherson
Keyword(s):  
Older Adults ◽  
Cognitive Load ◽  
Motor Performance ◽  
Age Groups ◽  
Incongruent Condition ◽  
Sentence Production ◽  
Movement Duration ◽  
Production Task ◽  
Younger Adults ◽  
Speech Motor

PurposeThe aim of this study was to determine the impact of cognitive load imposed by a speech production task on the speech motor performance of healthy older and younger adults. Response inhibition, selective attention, and working memory were the primary cognitive processes of interest.MethodTwelve healthy older and 12 healthy younger adults produced multiple repetitions of 4 sentences containing an embedded Stroop task in 2 cognitive load conditions: congruent and incongruent. The incongruent condition, which required participants to suppress orthographic information to say the font colors in which color words were written, represented an increase in cognitive load relative to the congruent condition in which word text and font color matched. Kinematic measures of articulatory coordination variability and movement duration as well as a behavioral measure of sentence production accuracy were compared between groups and conditions and across 3 sentence segments (pre-, during-, and post-Stroop).ResultsIncreased cognitive load in the incongruent condition was associated with increased articulatory coordination variability and movement duration, compared to the congruent Stroop condition, for both age groups. Overall, the effect of increased cognitive load was greater for older adults than younger adults and was greatest in the portion of the sentence in which cognitive load was manipulated (during-Stroop), followed by the pre-Stroop segment. Sentence production accuracy was reduced for older adults in the incongruent condition.ConclusionsIncreased cognitive load involving response inhibition, selective attention, and working memory processes within a speech production task disrupted both the stability and timing with which speech was produced by both age groups. Older adults' speech motor performance may have been more affected due to age-related changes in cognitive and motoric functions that result in altered motor cognition.

Effects of Aging on the Subcortical Encoding of Stop Consonants

2020 ◽  
Vol 29 (3) ◽  
pp. 391-403
Author(s):  
Dania Rishiq ◽  
Ashley Harkrider ◽  
Cary Springer ◽  
Mark Hedrick
Keyword(s):  
Older Adults ◽  
Repeated Measures ◽  
Mixed Model ◽  
Auditory Brainstem ◽  
Auditory Brainstem Responses ◽  
Aging Effects ◽  
Formant Frequency ◽  
Place Of Articulation ◽  
Second Formant ◽  
Effects Of Aging

Purpose The main purpose of this study was to evaluate aging effects on the predominantly subcortical (brainstem) encoding of the second-formant frequency transition, an essential acoustic cue for perceiving place of articulation. Method Synthetic consonant–vowel syllables varying in second-formant onset frequency (i.e., /ba/, /da/, and /ga/ stimuli) were used to elicit speech-evoked auditory brainstem responses (speech-ABRs) in 16 young adults ( M age = 21 years) and 11 older adults ( M age = 59 years). Repeated-measures mixed-model analyses of variance were performed on the latencies and amplitudes of the speech-ABR peaks. Fixed factors were phoneme (repeated measures on three levels: /b/ vs. /d/ vs. /g/) and age (two levels: young vs. older). Results Speech-ABR differences were observed between the two groups (young vs. older adults). Specifically, older listeners showed generalized amplitude reductions for onset and major peaks. Significant Phoneme × Group interactions were not observed. Conclusions Results showed aging effects in speech-ABR amplitudes that may reflect diminished subcortical encoding of consonants in older listeners. These aging effects were not phoneme dependent as observed using the statistical methods of this study.

Partner-Specific Communication Deficits in Individuals With Alzheimer's Disease

2020 ◽  
pp. 1-15
Author(s):  
Eun Jin Paek ◽  
Si On Yoon
Keyword(s):  
Alzheimer’S Disease ◽  
Older Adults ◽  
Alzheimer's Disease ◽  
Referential Communication ◽  
Sorting Task ◽  
Audience Design ◽  
Healthy Older Adults ◽  
Communication Task ◽  
Design Skills ◽  
Referential Expressions

Purpose Speakers adjust referential expressions to the listeners' knowledge while communicating, a phenomenon called “audience design.” While individuals with Alzheimer's disease (AD) show difficulties in discourse production, it is unclear whether they exhibit preserved partner-specific audience design. The current study examined if individuals with AD demonstrate partner-specific audience design skills. Method Ten adults with mild-to-moderate AD and 12 healthy older adults performed a referential communication task with two experimenters (E1 and E2). At first, E1 and participants completed an image-sorting task, allowing them to establish shared labels. Then, during testing, both experimenters were present in the room, and participants described images to either E1 or E2 (randomly alternating). Analyses focused on the number of words participants used to describe each image and whether they reused shared labels. Results During testing, participants in both groups produced shorter descriptions when describing familiar images versus new images, demonstrating their ability to learn novel knowledge. When they described familiar images, healthy older adults modified their expressions depending on the current partner's knowledge, producing shorter expressions and more established labels for the knowledgeable partner (E1) versus the naïve partner (E2), but individuals with AD were less likely to do so. Conclusions The current study revealed that both individuals with AD and the control participants were able to acquire novel knowledge, but individuals with AD tended not to flexibly adjust expressions depending on the partner's knowledge state. Conversational inefficiency and difficulties observed in AD may, in part, stem from disrupted audience design skills.

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