Summary: New study challenges conventional beliefs about older adults, demonstrating that they are extremely talented at resisting manipulation and are more risk-averse than younger people. Using playing tasks, researchers found that while older adults immediately made more mistakes, they immediately improved with process, achieving decision-making proficiency close to younger participants.
The findings highlight the importance of giving older people the opportunity to become familiar with choices and that age-related mental changes reflect version rather than decline. This research challenges how culture views aging and decision-making, arguing against infantilization of older people.
Important Facts:
- Risk-Taking: Older people are more inclined to take risks than younger people.
- Sensitivity to Manipulation: Both age groups properly resist the appeal effect.
- Learning Power: Older adults boost decision-making with exercise, matching younger participants.
Origin: SWPS University
According to a study conducted by SWPS University researchers that challenges the most common misconceptions about this age group, older people are more inclined to take risks than previously thought. They likewise exhibit an inherent ability to effectively resist adjustment.
Polish culture will always eventually deteriorate. According to Statistics Poland ( GUS) data, the group of people aged 65 and older increased to 7.5 million in 2023, constituting over 20 % of the population. This is especially important given that older people frequently have to make crucial economic and health decisions.
Earlier research on the decision-making powers of older individuals has never yielded regular conclusions. Some research present older people as risk-averse and susceptible to manipulation, while some suggest the opposite.
The investigation by SWPS University experts problems conventional wisdom regarding how aged affects decision-making, especially in situations involving risk and uncertainty.
It turns out that older people can make the same difficult decisions as younger people, and they shouldn’t be overrated or overprotected when making crucial decisions. With some practice and familiarity with the task, this is possible.
” The analyze challenges strong stereotypes about aging and decision-making. Very often, older individuals are portrayed as vulnerable and less capable of making right decisions, which can lead to their infantilisation or rejection from significant choices”, emphasises one of the research authors, Dr. Maciej Kościelniak from the University of Psychology and Law in Poznań at SWPS University, Head of Department of Social and Cross-Cultural Psychology.
Older Adults Are More prone to Take Risks
Researchers examined the vulnerability of older adults to the attraction effect, also known as the decoy effect or asymmetric dominance effect, in the paper” Effect of Age on Susceptibility to Attraction Effect in Sequential Risky Decision-Making.” Additionally, the researchers examined how decision-making in dangerous circumstances changed as people got older.
Using specially designed gambling tasks, researchers conducted two experiments: an online study with 357 participants,  , and a laboratory study with 173 participants. Participants were divided into age groups: young adults ( 18-33 years ), middle-aged adults ( 42-57 years ), and older adults ( 65-80 years ). In terms of educational years, there were no significant differences between groups.
The conclusions were surprising because, in addition to the attraction effect, both age groups were equally prone to resisting manipulation while older adults were significantly more prone to risk-taking than younger people.
Slower but capable of correcting errors based on experience
Importantly, although – as expected – older adults initially made more mistakes in situations that could have serious financial and social consequences, they successfully learned and improved their decision-making process through practice. Simply put, it took them longer.
By the end of the trial, they performed just as well as younger adults. This suggests that while aging may affect the speed of processing new information, it does not reduce the ability to make good decisions, or defences against manipulation.
According to Maciej Kocielniak,” the discovery that learning ability is comparable between older and younger adults has profoundly influenced my view on cognitive functions in the aging process; it’s not just a story of decline, but rather one of adaptation.”
The findings of the researchers provide insight into how well older adults think and how they think about decision-making in later life may be more difficult than previously thought.
These findings have important implications for addressing age-based stereotypes.  ,
” Whether we’re talking about interactions with financial advisors, healthcare workers, or family members helping older people make decisions, our findings suggest that older adults often do not need protection from choices, but rather an opportunity and sufficient time to become familiar with new situations” , , says Maciej Kościelniak.
About this aging and risk-taking research news
Author: Marta Danowska-Kisiel
Source: SWPS University
Contact: Marta Danowska-Kisiel – SWPS University
Image: The image is credited to Neuroscience News
Original Research: Open access.
” Age-related susceptibility to the attraction effect in sequentially risky decisions” by Maciej Kościelniak et al. Ageing and Society
Abstract
Age-related susceptibility to the attraction effect in sequentially risky decisions
Our study aims to expand the scope of research on age-related changes in decision-making by examining the vulnerability to the attraction effect throughout adulthood.
Prior studies have produced inconsistent conclusions regarding the decision-making abilities of older individuals, with some portraying them as easily manipulated and risk-averse, while others suggest the opposite.
To address this issue, we conducted two experiments using a novel paradigm of the , roulette task: ( 1 ) in an online environment with 357 participants and ( 2 ) in a laboratory setting with 173 participants. The outcomes were consistent and demonstrated the attraction effect’s robustness.
However, there were no age differences between the attraction effect and other common decision biases.
As predicted, older adults were more likely to commit simple decision-making mistakes, especially in the preliminary trials, which could have serious financial or societal consequences. Additionally, older adults exhibited more risk-seeking behaviours.
Additionally, we observed that both younger and older adults had similar decision-making patterns, suggesting that they still had the ability to use decision-making while becoming familiar with new tasks. This was indicated by a decrease in the selection of erroneous decoy options and an increase in decision fluency.
These findings provide insight into how well older adults think and how they think about decisions in later life, suggesting that late adulthood decision-making abilities may be more complicated than previously thought.
