As we age things change. We slow down, our bodies don’t respond as we would like and our ability to handle money may diminish!
Here is a quick summary on that issue. Check out the full story on HumbleDollar.com at the link below.
🙄 Studies show that, as we age, our brain becomes less able to detect fraud. Changes occur in the region of the brain that helps us decide whether or not to trust someone.
😢 A majority of financial exploitation is carried out by people the victim knows.
🤑 One study found that financial literacy declines by about 2% every year after age 60. Confidence in financial decision making, however, doesn’t decline with age. That combination—reduced ability but continued confidence—helps explain poor financial decisions by older adults.