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Report: Boomers’ Ability to Make Financial Decisions Often Declines With Age

(Editor’s Note: this timely new report illustrates the need for innovative brain fitness interventions focused on maintaining if not enhancing targeted cognitive functionality, such as driving safety or financial decision-making, leveraging lifelong neuroplasticity and cognitive reserve. What the report presents as inexorable, somewhat genetically pre-programmed decline, it is not.)

BMO Retirement Institute Report: Boomers’ Ability to Make Financial Decisions Often Declines With Age (Market Watch):

– “The BMO Retirement Institute released a report today which raises awareness of the potential impact on aging Canadians of declining cognitive abilities – often caused by Alzheimer’s disease and other forms of dementia – and describes how this decline can affect their ability to make financial decisions.”

– “Titled Financial Decision Making: Who will manage your money when you can’t?, the report highlights Canada’s rapidly aging population; Statistics Canada projects that, within the next ten years, the number of Canadian seniors will exceed the number of children aged 14 or under.”

-“According to the report, the majority of Canadians 45 years and older believe that investment skill increases with age(1). However, several studies have shown that, as a person ages, their cognitive abilities decline, hindering their ability to make sound financial decisions.”

Full report (opens PDF): Here

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