Many studies have indicated that decision making and financial skills decline with age, making seniors particularly susceptible to fraud and identity theft. However, a new study by MetLife yielded more positive results; according to the study, the ability to make conscientious, informed decisions actually improves with age for most people.
The first study of its kind, “Healthy Brain, Healthy Decisions” assembled a research group of 72 healthy adults aged 50 to 79. Participants took extensive tests regarding their decision-making abilities. The results indicated health rather than age impacts decision-making skills. The 79 year olds who participated in the study could make decisions just as well as the 50-year-old participants. While seniors suffering from mental health issues may have a more difficult time handling finances and be more vulnerable to scams, mentally healthy seniors do not share these issues. The study indicates that more seniors have sound mental health than you may have thought – as many as 87 percent, according to the National Institute of Aging.