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The Age of Reason: Financial Decisions Over the Lifecycle

Sumit D. Agarwal · John C. Driscoll · Xavier Gabaix · David Laibson

132 citations0/0 files storedNational Bureau of Economic Research

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Financial Literacy, Pension, Retirement Analysis Banking stability, regulation, efficiency Decision-Making and Behavioral Economics

Abstract

In cross-sectional data sets from ten credit markets, we find that middle-aged adults borrow at lower interest rates and pay fewer fees relative to younger and older adults.Fee and interest payments are minimized around age 53.The measured effects are not explained by observed risk characteristics.We discuss several leading factors that may contribute to these effects, including age-related changes in experience and cognitive function, selection effects, and cohort effects.

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2005Cognitive Reflection and Decision Making 2006The Influence of a Sense of Time on Human Development 2011Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?*2006Household Finance 2005Aging and motivated cognition: the positivity effect in attention and memory 2007Is Well-Being U-Shaped Over the Life Cycle?2002Consumption Over the Life Cycle 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education

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