Elderly financial decisions studied
There is widespread concern within the community that some older people may not make the most beneficial financial decisions, a new study reveals. Dr Phoebe Bailey, of the University of Western Sydney (UWS), has chosen to focus her research on assessing age-related differences in the perception of, and physiological response to, social cues.
There is widespread concern within the community that some older people may not make the most beneficial financial decisions, a new study reveals.
Dr Phoebe Bailey, of the University of Western Sydney (UWS), has chosen to focus her research on assessing age-related differences in the perception of, and physiological response to, social cues.
“I am interested in how age-related changes in the processing of social and emotional information might influence older adults’ interpersonal financial decision-making and how their minds process financial incentives and risk,” she says.
With the aim to explore how our minds process information during financial negotiations, Dr Bailey hopes the study will contribute to the development of procedures that protect people who are most at risk of poor decision-making.
The university has called on members of the community, aged 65 years and older, to assist in the research to improve the understanding of this issue.
Participants will take part in a one-on-one interview with a student researcher at the UWS Bankstown campus, who will guide them through a series of short cognitive assessment tasks.
They will then play a game that involves striking hypothetical financial deals by simply accepting, or rejecting, offers of money.
Participation is voluntary. Completion of the research tasks will take one to two hours and participants will also be provided with $20 per hour reimbursement for any out-of-pocket expenses.
For more information, or to participate in the project, contact Dr Phoebe Bailey on (02) 9772 6230 or email p.bailey@uws.edu.au
