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03-22-2007, 09:48 PM
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#1
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Recycles dryer sheets
Join Date: Mar 2005
Posts: 329
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The Age of Reason: 53
Interesting data on age and financial mistakes
-h
http://online.wsj.com/public/article..._20070329.html
Your Financial Savvy May Hit Its Peak at 53, Survey of Data Suggests
A quartet of economists think they have found an answer. In looking at which consumers get stuck paying those pesky credit-card fees, the economists noticed a puzzling pattern: Younger and older consumers were more likely than others to get hit with easily avoided fees. So the economists expanded their inquiry to loans and other products, and sifted through records of tens of thousands of consumers.
They found that middle-aged adults tend to borrow at lower interest rates and pay fewer fees than younger and older adults. The age at which consumers are least likely to make financial mistakes: a few months past their 53rd birthday, despite all the pressures that accompany middle age.
__________________
Hope springs eternal in the human breast:Man never is, but always to be blest.
The soul, uneasy and confined from home,Rests and expatiates in a life to come.
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Re: The Age of Reason: 53
03-22-2007, 09:59 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 1,183
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Re: The Age of Reason: 53
GREAT I turn 53 this fall!!! Does that mean i get to play victim in 2008 and beyond ?@#$%^&*()
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Re: The Age of Reason: 53
03-22-2007, 10:07 PM
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#3
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Recycles dryer sheets
Join Date: Mar 2005
Posts: 329
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Re: The Age of Reason: 53
Quote:
Originally Posted by crazy connie
GREAT I turn 53 this fall!!! Does that mean i get to play victim in 2008 and beyond ?@#$%^&*()
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No all that means is that you get to call bu**sh*it on all of us young ones and point to the study as proof
-h
__________________
Hope springs eternal in the human breast:Man never is, but always to be blest.
The soul, uneasy and confined from home,Rests and expatiates in a life to come.
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Re: The Age of Reason: 53
03-23-2007, 07:47 AM
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#4
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Full time employment: Posting here.
Join Date: Dec 2006
Location: Florida
Posts: 854
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Re: The Age of Reason: 53
Could it be that ages 53 or so are peak earning years, so people have better cash flow, and don't need to borrow as much or use credit as much.
Those who are younger don't have $$ but have the pressures of families, homes, etc.
I wouldn't expect people to get savvy in their 50s and then forget it (dementia aside). But, for older folks, reduced income combined with unexpected expenses (health, taking in grandkids) could seriously harm finances and result in renewed reliance on credit.
__________________
I would not have anyone adopt my mode of living...but I would have each one be very careful to find out and pursue his own way, and not his father's or his mother's or his neighbor's instead. Thoreau, Walden
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Re: The Age of Reason: 53
03-23-2007, 10:38 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,841
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Re: The Age of Reason: 53
Quote:
Originally Posted by Sandy
Could it be that ages 53 or so are peak earning years, so people have better cash flow, and don't need to borrow as much or use credit as much.
Those who are younger don't have $$ but have the pressures of families, homes, etc.
I wouldn't expect people to get savvy in their 50s and then forget it (dementia aside). But, for older folks, reduced income combined with unexpected expenses (health, taking in grandkids) could seriously harm finances and result in renewed reliance on credit.
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I think you have hit the nail on the head. Obviously someone isn't savvy at 53 and then unsavvy at 63, but circumstances create actions
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But then what do I really know?
https://www.early-retirement.org/forums/f44/why-i-believe-we-are-about-to-embark-on-a-historic-bull-market-run-101268.html
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Re: The Age of Reason: 53
03-23-2007, 10:41 AM
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#6
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Full time employment: Posting here.
Join Date: Jun 2006
Posts: 718
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Re: The Age of Reason: 53
Wish I could find that report regarding people in their 50's the percent who suffer a life changing moment. IE divorce or sickness that hinders their ability to save for retirement. If I remember correctly it was something near a 50/50 chance.
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Re: The Age of Reason: 53
03-23-2007, 11:04 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Re: The Age of Reason: 53
It just might be that these smart 53yo will move the bar up as they grow older. This could portend bad news for the finance industry. And subsequent tightening of free credit as a cost-saving measure.
__________________
For the fun of it...Keith
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Re: The Age of Reason: 53
03-23-2007, 11:49 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Re: The Age of Reason: 53
Quote:
Originally Posted by lswswein
They found that middle-aged adults tend to borrow at lower interest rates and pay fewer fees than younger and older adults. The age at which consumers are least likely to make financial mistakes: a few months past their 53rd birthday, despite all the pressures that accompany middle age.
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I wonder why. It couldn't possibly have anything to do with being in the peak earning years, with kids moving out of the house, with the mortgage being paid off or with still being young enough to typically still be in pretty good health...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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