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