There is a strange phenomenon recently reported about how aging affects financial decision making process. Interestingly, as would be expected, as people age their financial literacy declines. However, older people’s self-confidence, and in particular their confidence in managing their finances, does not decline nearly as fast. So they may be making financial decisions without assistance when they could really use some. For all financial advisors and fiduciaries, remember to make sure the person you are helping really understands his or her investment and investment decisions.
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