Changing financial advisors during an advisor-intermediated stock-market game was more likely during periods of relative underperformance. Immediately prior to changing advisors, brain activation was greater in areas associated with error detection (dorsal anterior cingulate cortex) and number...

Roth IRAs were introduced in the late 1990s and provide another option for tax-sheltered retirement savings. Because determining the benefits of a Roth IRA is a complex decision, we hypothesize that cognitive ability and having a financial planner have significant impacts on the timing and...

Previous research has studied the characteristics associated with the presence and amount of charitable giving. However, few of these studies have explored the relationship between financial planning horizon and philanthropic donations, especially large donations. Using cross-sectional and...

Recent studies have demonstrated that individuals' financial planning horizons significantly impact their economic decisions, such as saving propensities, credit card usage behaviors, investment choices, retirement decisions, as well as estate planning engagements. Motivated by the profound...

We study the determinants of the stated probability of purchase for a deferred annuity that pays out at age 80 or 85, which we reframe as “longevity insurance,” using the Survey of Household Financial and Risk Management. Our results indicate that younger cohorts, women, people who do not...

This study uses the 2014 Health and Retirement Study (HRS) to examine the predictors of End of Life (EOL) planning among adults age 50 and over and the integration between end of life (EOL) financial and EOL health planning, and the association of financial planning time horizon with EOL...

Using the Asset and Health Dynamics among the Oldest Old (AHEAD), this study presents the first longitudinal results analyzing factors among older adults associated with beginning and discontinuing the use of a financial advisor. Getting a financial advisor was positively associated with...

Despite the growing use of financial advisors, relatively little is known about the impact that financial advisors have on actual wealth outcomes among older adults. Using data from the Study of Assets and Health Dynamics Among the Oldest Old (AHEAD), we find that using a financial advisor is...

The propensity for older adults to have estate planning documents has been declining noticeably in recent years, such that a majority of adults age 50 and over now have no will or trust documents. This study investigates factors associated with usage of will or trust documents. After reviewing...