The Polish society is undergoing a notable demographic shift. Data from Statistics Poland (GUS) reveals that in 2023, the population segment aged 65 and over expanded to 7.5 million, now representing over 20% of the national demographic. This statistic is especially pertinent given that this age group frequently faces crucial financial and health decisions.
The existing literature on the decision-making prowess of older adults presents mixed findings. Some studies depict this demographic as cautious and easily swayed, while other research presents a contrasting view. A recent investigation by scholars at SWPS University has tested these traditional notions, particularly regarding how ageing influences decision-making in contexts filled with risk and uncertainty. The findings suggest that elderly individuals, with adequate practice and task familiarity, can handle complex decision-making on par with their younger counterparts. Thus, they should not be undervalued or overly shielded when making significant life choices.
This study fundamentally questions the prevailing stereotypes about ageing and decision-making. “All too frequently, elderly individuals are seen as vulnerable and less competent in making sound decisions, potentially leading to their infantilisation or marginalisation from crucial decision-making processes,” highlights Dr Maciej Kościelniak, a prominent author of the study and the Head of the Department of Social and Cross-Cultural Psychology at the Faculty of Psychology and Law in Poznań, affiliated with SWPS University.
The research, detailed in the paper “Effect of Age on Susceptibility to Attraction Effect in Sequential Risky Decision-Making,” published in Ageing and Society, concentrated on elderly adults’ susceptibility to the attraction effect—also known as the decoy effect or asymmetric dominance effect. The study examined how decision-making in risky situations evolves with age.
Researchers employed specifically tailored gambling tasks in two distinct experiments: an online survey involving 357 participants and a laboratory study with 173 participants, categorised into groups of young adults (18-33 years), middle-aged adults (42-57 years), and older adults (65-80 years). Education levels were uniformly distributed across these groups.
The results were enlightening: older adults displayed a significant propensity towards risk-taking, more so than their younger counterparts, yet both groups demonstrated a similar capacity to withstand manipulative tactics associated with the attraction effect.
It is crucial to note that while older adults initially made more errors in high-stakes situations, they exhibited a remarkable ability to learn from these missteps and enhance their decision-making skills through practice, albeit at a slower pace. By the end of the experiments, their performance reached levels comparable to that of younger adults. This indicates that while ageing may slow the rate at which new information is processed, it does not diminish the ability to make sound decisions or defend against manipulation.
Dr. Kościelniak remarked on these findings: “The revelation that learning capabilities are preserved across ages has significantly altered my perspective on cognitive functions during the ageing process—it’s not merely a decline but an adaptation.” These insights into the cognitive abilities of older adults suggest that their decision-making capacity in later life might be more nuanced than previously understood.
The implications of these findings are profound, especially in combating age-related stereotypes. “In dealing with financial advisors, healthcare providers, or family members who assist elderly individuals in decision-making, it is clear from our research that older adults often require not protection but rather the opportunity and adequate time to acclimatise to new situations,” concludes Dr Kościelniak.
More information: Maciej Koscielniak et al, Effect of age on susceptibility to the attraction effect in sequential risky decision-making, Ageing and Society. DOI: 10.1007/s00394-023-03123-x
Journal information: Ageing and Society Provided by SWPS University
