Taking advice: Limits and potentials of social decision-making in older age

Funding: 2022: $100,082
2021: $83,068
2022: $106,639
2021: $83,068

Project Member(s): Bailey, P.

Funding or Partner Organisation: Australian Research Council (ARC Discovery Projects)
Australian Research Council (ARC Discovery Projects)

Start year: 2020

Summary: Older adults are increasingly victims of financial fraud and abuse. While well-intentioned advice has the potential to improve financial decision-making, ill-intentioned advice can lead to exploitation. This project will use extensive behavioural testing to establish the factors governing how much weight older adults give to advice depending on the type of advisor, the type of advice, and feedback about advice quality. The outcome will be a model of the influence of advice on decision-making in ageing. This will provide an evidence base to create best practice guidelines, interventions, and decision aids that will reduce exploitation and increase the independence and wellbeing of Australia’s rapidly ageing population.

FOR Codes: Psychology of ageing, Ageing and older people, Expanding knowledge in psychology

Acknowledgement of Country

UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.