The new study focused on healthy adults ages 50 to 74. Scientists used MRI results to examine brain structure and functional connections in the participants. Additionally, as part of the experiment, volunteers calculated the amount of money that should be given in the form of coins or the balance in the checkbook.
During normal aging, the volume of the prefrontal cortex decreases, and in Alzheimer’s disease, areas of the frontal cortex decrease even more rapidly. As a result, people may start making more mistakes when counting money. This is why seniors are so vulnerable to scams.
But scientists have found that people with better language skills are more likely to succeed at financial tasks. This is most likely because they have stronger connections between different parts of the brain.
The study also found that high household income and financial literacy are key factors that protect against declining ability to manage money in old age. Before memory can be trusted, it must be developed. This is more likely in an environment where financial literacy is encouraged.
It is also beneficial to maintain good financial management skills throughout your life by applying the math skills you learned in school.
Source: Ferra
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