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Cognition and Financial Decision-Making in Older Adult Spouses
Sarah P Coundouris1, Sylvain Hohn2, Anup Basu2
1School of Psychology, The University of Queensland, Brisbane, Queensland, Australia.
Gerontology
|May 26, 2023
Summary
Older adults' financial decision-making is influenced by their own executive functioning. For women, perceiving their spouse's cognitive decline also impacts their financial competency, highlighting partner interdependence.
Area of Science:
- Gerontology
- Cognitive Psychology
- Behavioral Economics
Background:
- Age-related cognitive decline can impair financial decision-making.
- Older spousal relationships involve long-term interdependence and shared experiences.
- Understanding partner influence on financial capacity is crucial for older adults.
Purpose of the Study:
- To examine how an individual's and their partner's cognitive functioning affect financial decision-making capacity in older adults.
- To investigate the role of perceived partner cognitive decline in financial competency.
Main Methods:
- Studied 63 heterosexual spousal dyads (ages 60-88).
- Utilized actor-partner interdependence models to assess executive functioning and perceptions of partner's cognitive decline.
- Measured financial decision-making behavior and competency.
Main Results:
- Own executive functioning predicted own financial decision-making capacity for both genders.
- For females, perceiving greater cognitive decline in their spouse predicted higher personal financial competency.
- No significant effect of perceived partner cognitive decline on males' financial competency was found.
Conclusions:
- Partner interdependence extends to financial decision-making in older adults.
- Perceived partner cognitive decline is a significant factor for females' financial competency.
- Future research should explore these interdependence dynamics further.
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