The experience and knowledge of the older lot from a lifetime of decision making makes them wiser and helps them take better decisions with regard to finances.

They also administered a battery of standard fluid and crystallized intelligence tests.
Fluid intelligence is the ability to learn and process information.
Crystallized intelligence refers to experience and accumulated knowledge.
These traits included temporal discounting (how much people discount future gains and losses), loss aversion (how much the valuation of losses outweigh gains of the same magnitude), financial literacy (understanding financial information and decisions) and debt literacy (understanding debt contracts and interest rates).
They found the older participants performed as well or better than the younger participants in all four decision-making measures.
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The study has been published in the journal Psychology and Aging.
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