Professor David Bell (University of Stirling) and Professor Robert E. Wright (University of Strathclyde) have received a £320K grant from the Nuffield Foundation in order to fund empirical research into the determinants of financial literacy amongst older people.
Financial literacy is the ability to use knowledge and skills to effectively manage financial resources at a personal-level. Research has shown that low levels of financial literacy is associated with making “bad” financial decisions. There is also evidence that financial literacy declines in the older age groups. A main aim of this new research is to evaluate the relationship between cognition, cognitive decline, financial literacy and financial decision-making amongst older Scots. Since older people are a particularly vulnerable group financially, the research will advise policies aimed at accommodating the ageing population.
The grant is part of the Healthy Ageing in Scotland (HAGIS) project. The longer term aim of the HAGIS is to interview 10,000 people in Scotland every two years for a decade. Detailed medical, economic and social data will be collected through face-to-face surveying and the internet. The study will provide unparalleled information about individual and population ageing.
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