This study adds to the literature on the adverse effects of cognitive decline among older adults focusing on financial decisions. The article investigates the impact of objective and subjective memory on the financial decisions of older adults, such as asset holdings, allocation, and financial health. In general, older adults with higher objective memory have better financial outcomes. A higher objective memory leads to greater financial assets including stocks, cash-equivalent, individual retirement accounts, bonds, and thus total financial assets. It also leads to a smaller share in cash-equivalent. Older adults with better objective memory are more likely to have sufficient liquid assets to cover short-term expenses and they save enough to meet retirement adequacy. On the other hand, a higher subjective memory leads to fewer financial assets, retirement inadequacy, and insolvency. These findings have important implications for older adults who experience memory loss, and their families.

这项研究增加了关于专注于财务决策的老年人认知能力下降的不利影响的文献。本文调查了客观和主观记忆对老年人财务决策的影响，例如资产持有、分配和财务健康。一般来说，具有较高客观记忆的老年人有更好的财务结果。更高的客观记忆导致更多的金融资产，包括股票、现金等价物、个人退休账户、债券，从而导致总金融资产。它还导致现金等价物的份额较小。客观记忆较好的老年人更有可能拥有足够的流动资产来支付短期开支，并且他们的储蓄足以满足退休生活的需要。另一方面，较高的主观记忆导致较少的金融资产，退休不足和资不抵债。这些发现对经历记忆丧失的老年人及其家人具有重要意义。