Money Matters: Research explores older people’s financial decisions

The University of Western Sydney is calling on members of the community, aged 65 years and older, to assist in research that aims to improve our understanding of financial decision-making.

Dr Phoebe Bailey, from the UWS School of Social Sciences and Psychology, is conducting a study of the ways that older members of the community use information to make decisions, and how their minds process financial incentives and risks.

“There is widespread concern within the community that some older people may not make the most beneficial financial decisions,” says Dr Bailey.

“This study aims to explore how our minds process information during financial negotiations, and will hopefully contribute to the development of procedures that protect people who are most at risk of poor decision-making.”

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 on a completely voluntary basis. Completion of the research tasks will take 1-2 hours and light refreshments will be provided. Participants will also be provided with $20 per hour reimbursement for any out-of-pocket expenses.

For more information or to participate in the UWS research project, contact Dr Phoebe Bailey: (02) 9772 6230, p.bailey@uws.edu.au

The research protocol was reviewed and approved by the UWS Human Ethics Research Committee.

Ends 

31 January 2012

Contact: Danielle Roddick, Senior Media Officer