A new article sheds light on how age-related changes may affect the way we handle finances -- and how we can stay sharp as we age.
A new article sheds light on how age-related changes may affect the way we handle finances -- and how we can stay sharp as we age. Senior citizens are targeted by financial scams of all types, from email-based phishing attempts to callers looking to swindle their life savings.
A new paper from Binghamton University Associate Professor of Psychology Ian M. McDonough sheds light on how age-related changes may affect the way we handle finances -- and how we can stay sharp as we age."Separating neurocognitive mechanisms of maintenance and compensation to support financial ability in middle-aged and older adults: The role of language and the inferior frontal gyrus," co-authored by Macarena Suárez-Pellicioni of the University of Alabama, was recently published in theThe study focused on cognitively healthy adults ages 50 to 74, using MRI scans to measure brain structure and functional connectivity; study participants also engaged in simple financial tasks, such as balancing a checkbook or making change. Financial tasks rely on multiple cognitive domains, including memory, executive functioning and numerical ability; aging can prompt subtle decline in all of these areas. Earlier research that dealt with financial management and Alzheimer's-related brain decline focused on the parietal cortex, the part of the brain involved in attention and simulating possible future outcomes, McDonough said. Little attention has been paid to the brain regions connected specifically with math processing, outside of the development of these regions in children. Mathematics involves two different brain regions. One is the inferior frontal gyrus, which specifically deals with accessing math information contained in your memory. "If I ask, 'What's 3 plus 3?' you know it's six; you don't have to count 3 plus 3," McDonough explained."You have memorized this because of rote learning and years and years of it being embedded in you." If you don't have a readily memorized answer and need to perform calculations, then your middle frontal gyrus kicks in. It uses more brainpower than memory and increases the possibility of error. "When people are doing the calculation, they're more likely to get it wrong. If you've memorized it, you've memorized the right answer," McDonough said."You're faster, more efficient and more accurate when you have those verbal representations." The brain's prefrontal cortex shrinks as a part of normal aging; with Alzheimer's disease, the frontal cortex regions shrink even faster. As a result, individuals may start making more mistakes with financial tasks since their brains no longer rely on memorized answers and are instead recruiting different regions to compensate for deficiencies. "They are potential markers that could show people's increased vulnerability to scams," he said."If we understand how the brain changes, this can inform interventions used to target these brain regions."Ultimately, successful financial management may rely more on language processing than sheer calculation. Individuals with better language skills were more likely to excel in financial tasks, the researchers found, likely because of increased connectivity between different parts of the brain. McDonough's research shows that higher household income and financial literacy -- both markers of socioeconomic status -- were the two main factors protecting against age-related declines in financial ability. Relying on memory requires that memories be developed in the first place, which is more likely in an environment where financial literacy is promoted. Financial education may help people retain sharp decision-making abilities on the money front. Maintaining verbal automatic representations for math -- essentially, practicing the math skills you learned in school -- may be helpful in supporting good financial management throughout life. Individuals and caregivers alike, however, also need to keep an eye out for cognitive declines that can make older adults more susceptible to financial scams and abuse. Financial tools, technologies and legal safeguards, such as power of attorney for automatic payment systems, can protect older adults while preserving their autonomy in decision-making. "Managing finances is so important to maintaining independence later in life," McDonough said."We need to have interventions that can strengthen the brain and help keep people healthy when managing their finances."Separating neurocognitive mechanisms of maintenance and compensation to support financial ability in middle-aged and older adults: The role of language and the inferior frontal gyrusA new study sheds light on how Viking Age societies in Norway and Denmark differed in their experiences with violence and the role social structures played in shaping those ... Cell damage from oxidative stress is a major underlying cause of age-related cognitive and muscle strength decline. Antioxidants can reduce oxidative stress and prevent age-related health decline. A ... Scientists found mitochondria size does not coincide with energy demand in the brain as it ages, potentially causing age-related working memory impairment. Their findings point to mitochondria ... Researchers have developed a new gene therapy approach that shows promise for treating the dry form of Age Related Macular Degeneration -- a progressive eye disease that affects up to 10% of ...
Neuroscience Learning Disorders Batteries Consumer Electronics Construction Economics Funding Policy Privacy Issues
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Staying calm and connected this holiday season.Thanksgiving can bring joy and stress. Staying calm, communicating well, and showing empathy can turn challenges into connections. Keeping focused on gratitude will help us all.
Read more »
Staying Home Is the New Normal: 4 Ways It Impacts Your HealthA look at the trends gives you an opportunity to evaluate your own habits and live healthier.
Read more »
Adams uses landmark housing proposal to fight criticism of staying in officePolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Suspended SJSU women's volleyball coach not staying silent in fight to protect girls' sportsThe SJSU team’s associate head coach spoke to Fox News about how the inclusion of a purported biological male on their team has become a national controversy.
Read more »
LLMs beat human neuroscience experts in predicting study outcomes.New study shows AI large language models (LLMs) outperform human neuroscientists in predicting neuroscience study outcomes.
Read more »
Staying Fit Can Keep Seniors' Brains SharpSeniors who want to stay sharp as they age should hit the treadmill, elliptical or exercise bike as often as possible.
Read more »