Wednesday, March 23, 2011

Are You Past Your Prime?

Staying on top of your finances is getting more and more complex. So complex, in fact, that doing it successfully is often beyond the capabilities of the inexperienced (such as young adults) and the naive (such as older adults). In fact, a study by the Center for Retirement Research at Boston College (What Is the Age of Reason? ) shows that younger and older adults do not make the best choices when managing their personal finances. Who does? To be precise, people aged 53.3.

That's right. A series of tests on people of different ages, asking them to make real-world decisions regarding credit cards and interest rates, for example, revealed that 53.3 is the average age when people make the fewest financial mistakes.

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