Older adults can take risks and resist manipulation as well as younger people, given practice and time.
Older adults are more inclined to take risks than traditionally thought and possess a notable ability to resist manipulation, according to a study conducted by researchers at SWPS University. These findings challenge widespread stereotypes about this age group.
Poland, like many countries, is experiencing an aging population. Data from Statistics Poland (GUS) indicates that by 2023, the number of people aged 65 and older had risen to 7.5 million, accounting for over 20% of the population. This demographic shift is significant, as older adults frequently face critical decisions related to finances and health.
Past research on the decision-making capabilities of older adults has been inconsistent. While some studies characterize older individuals as risk-averse and easily manipulated, others present a different perspective. The SWPS University study disrupts these narratives by providing evidence that older adults are not only willing to engage with risk but also adept at navigating decisions under uncertainty.
It turns out that with some practice and familiarity with the task, older people have the same ability to make complex decisions as younger people, and they should be neither underestimated nor overprotected when making important choices.
“The study challenges dominant stereotypes about aging and decision-making. Too often, older people are portrayed as defenseless and less capable of making correct decisions, which can lead to their infantilization or exclusion from important choices,” emphasizes one of the study authors, Dr. Maciej Kościelniak from the Faculty of Psychology and Law in Poznań at SWPS University, Head of Department of Social and Cross-Cultural Psychology.
Older Adults More Likely to Take Risks
In the paper “Effect of Age on Susceptibility to Attraction Effect in Sequential Risky Decision-Making” published in Ageing and Society, researchers focused on older adults’ susceptibility to the attraction effect, also known in the literature as the decoy effect or asymmetric dominance effect. The scientists also examined how decision-making in risky situations changed with age.
Using specially designed gambling tasks, researchers conducted two experiments: an online study with 357 participants, and a laboratory study with 173 participants. Participants were divided into age groups: young adults (18-33 years), middle-aged adults (42-57 years), and older adults (65-80 years). There was no significant difference between groups in terms of years of education.
The findings were surprising: while older adults were significantly more prone to risk-taking than younger people, both age groups were equally capable of resisting manipulation related to the attraction effect.
Slower but Capable of Correcting Errors Based on Experience
Importantly, although– as expected – older adults initially made more mistakes in situations that could have serious financial and social consequences, they successfully learned and improved their decision-making process through practice. It simply took them more time. By the end of the trial, they performed just as well as younger adults. This suggests that while aging may affect the speed of processing new information, it does not reduce the ability to make good decisions, or defenses against manipulation.
“The discovery that learning ability is comparable between older and younger adults has profoundly influenced my view on cognitive functions in the aging process – it’s not simply a story of decline, but rather one of adaptation,” emphasizes Maciej Kościelniak.
The researchers’ observations provide insight into the cognitive functioning of older adults and indicate that decision-making ability in late adulthood may be more complex than commonly believed.
These findings have important implications for addressing age-based stereotypes. “Whether we’re talking about interactions with financial advisors, healthcare workers, or family members helping older people make decisions, our findings suggest that older adults often do not need protection from choices, but rather an opportunity and sufficient time to become familiar with new situations,” says Maciej Kościelniak.
Reference: “Effect of age on susceptibility to the attraction effect in sequential risky decision-making” by Maciej Koscielniak, Klara Rydzewska, Agata Gasiorowska and Grzegorz Sedek, 20 November 2024, Ageing & Society.
DOI: 10.1017/S0144686X24000527
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