ArticleThe journals of gerontology. Series B, Psychological sciences and social sciences2025
Overconfidence and Financial Risk Tolerance in Older Age.
Article in The journals of gerontology. Series B, Psychological sciences and social sciences, 2025. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 2 papers.
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Who cites it
2 citing papers in PubMed.
- Financial Decision-Making, Financial Literacy, and Cognitive Function: Evidence From the PATH Through Life Study.International journal of geriatric psychiatry · 2026Article
- Intelligent living environments and older adults' health outcomes: roles of social support and self-efficacy.BMC public health · 2026Article
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Authors and funding
7 authors.
Funding
Abstract
objectivesExcessive financial risk-taking in older age can have harmful consequences as opportunities to recover lost wealth are limited. Understanding financial risk-taking in older age is important for identifying vulnerabilities and developing interventions to empower aging investors to make wise financial choices. In this paper, we explore how overconfidence in financial knowledge affects financial risk-taking among older adults.
methodsWe examine this research question in older adults aged 58-101 (N = 1,242) using data from the Rush Memory and Aging Project (MAP).
resultsAfter controlling for demographics, overconfidence was associated with self-reported financial risk tolerance such that those who were more overconfident reported tolerating more financial risks. Moreover, this relationship emerged for both healthy older adults and those diagnosed with mild cognitive impairment. However, overconfidence did not predict performance on a behavioral measure of risk aversion. DISCUSSION: The present results suggest that overconfidence may partially contribute to financial risk-taking in older adults, regardless of cognitive status. Thus, interventions aimed at calibrating confidence to actual levels of financial knowledge could be an impactful target for intervention.
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