Are We More Risk Averse as We Get Older? It’s a Gray (Matter )

Newswise, December 26, 2016 — Age itself is not the determining factor in how an individual views or tolerates risk when making decisions; instead, it is the age-related decline in the volume of gray matter in our brains, research by NYU’s Institute for the Interdisciplinary Study of Decision Making shows.

“These results provide a basis for understanding the neural mechanisms involved in risky choices and offer a glimpse into the dynamics that affect decision-making in an aging population,” explains study co-author Paul Glimcher, a professor at NYU’s Center for Neural Science and director of the Interdisciplinary Study of Decision Making (IISDM).

“This research can help us improve how we communicate with the elderly about complex issues that may present risks to them.”

“Older adults need to make many important financial and medical decisions, often under high levels of uncertainty,” adds lead author Ifat Levy, an associate professor of comparative medicine and of neuroscience at Yale University and visiting professor at IISDM.

“We know that decision making changes with age, but we don’t really know what the biological basis of these changes is. In this paper, we make the first step towards answering this question, by showing that the decrease in gray matter volume in a particular part of the brain – posterior parietal cortex – accounts for the increase in risk aversion observed with age."

The study, which appears in the journal Nature Communications, focused on the right posterior parietal cortex (rPPC)—a part of the brain involved in planning movements, spatial reasoning, and attention.

For the study, the research team presented a series of choices to 52 study participants, aged 18 to 88 years. Participants could either receive $5 or take their chances with a lottery of varying amounts and probabilities.

For example, a participant could choose the certain gain of $5 or opt for a 25 percent chance of getting $20. The researchers also measured the gray matter volume in the posterior parietal cortex of each subject, drawn from MRI scans.

After analyzing the risk choices and MRI measurements, the researchers confirmed that age-related decline in risk tolerance correlates more with changes in brain anatomy than with age.

The study’s other authors were: Michael Grubb, an NYU postdoctoral fellow at the time of the study and now an assistant professor at Trinity College in Connecticut; Agnieszka Tymula, a senior lecturer at the University of Sydney; and Sharon Gilaie-Dotan, a postdoctoral fellow at University College London.

The research was supported by grants from the National Institutes of Health (R01 5R01AG033406, R21AG049293); the DOI for this paper will be 10.1038/NCOMMS13822.

Do Thoughts of Death Change Our Shopping Habits?

A new study from Concordia and HEC explores how mortality affects consumerism

Newswise, December 26, 2016-- It's been that time of year again: when festive ads command consumers to BUY! BUY! BUY! for their friends and family. But despite this holiday cheer, negative news marches on.

Reports of plane crashes, terrorist attacks, fatal car accidents and deadly fires may lead shoppers to think more about their own mortality than buying that new holiday sweater for Uncle Dave.

But new research from the John Molson School of Business (JMSB) and HEC Montréal shows that, for people with certain world views, thoughts of death can actually trigger the buying impulse.

In a study recently published in The Journal of Consumer Affairs, marketing professors Michel Laroche and Marcelo Nepomuceno found that the habits of spendthrifts don't change after contemplating their own mortality.

Compulsive shoppers, on the other hand, go out and buy more.

"Previous research shows that thoughts of death lead individuals to strongly defend world views that maintain their self-esteem," Laroche says.

"In other words, thinking about death will likely make people cling even more strongly to their beliefs because it's a way to cope with mortality."

Laroche and Nepomuceno wanted to test this assumption with anti-consumers -- people who voluntarily resist consumption out of a sense of frugality or desire to live simply, and with over-consumers -- folks who shop till they drop, no matter the season.

The researchers ran two experiments with 503 North American university students. The respondents were first asked to answer questionnaires identifying their tendency to resist consumption. They were then randomly assigned to one of two groups:

1.     In the "death thoughts" group, participants were asked to describe what they would feel if they were dying.
2. In the control group, participants were asked to report what they would feel if they were submitted to a painful dental procedure.

2.     

'Anti-consumers seem to care less about consumption than over-consumers!'

Afterwards, participants indicated their inclination to purchase a series of products. By comparing the participants in each condition, the researchers were able to identify individual tendencies to increase or reduce consumption due to thoughts of death.

"Our expectation was that the anti-consumption individuals would become even more inclined to resist consumption. This would indicate that for them, resistance was an important source of self-esteem," Nepomuceno says.

"In fact, we found that anti-consumers were not influenced by thoughts of death, which suggests that they do not believe that resistance to consumption is a source of self-esteem. In other words, anti-consumers seem to care less about consumption than over-consumers!"

Interestingly, among consumers inclined to over-consume, the researchers found that thinking about death made them even more likely to buy.

"This indicates that such consumers see purchasing and having goods and services as an important source of self-esteem. When they think about death, they become more inclined to buy because this helps them feel better about themselves," Nepomuceno explains.

He and Laroche, who was recently named editor-in-chief of the Canadian Journal of Administrative Sciences, hope that the results of this study will arm the general public -- especially those inclined toward retail therapy -- with a better understanding of how consumption is influenced by situational factors. They also aim to show the occurrence of such influences without the full knowledge of the consumer.

Brain Structure Best Explains Our Dwindling Tolerance of Risk

Newswise, December 19, 2016 — Our brain’s changing structure, not simply getting older and wiser, most affects our attitudes to risk, according to new research.

The University of Sydney’s Dr Agnieszka Tymula has for years been studying the factors that influence human decision-making. Until now, researchers could not say whether our tendency to make fewer risky decisions as we age was due to the wisdom of growing older, or our brain structures.

Published in Nature Communications this week, Dr Tymula and her co-authors from New York University, Yale University, University College London and Trinity College show risk aversion is better explained by changes in grey matter volume in an area in the brain’s right posterior parietal cortex, rather than by age itself.

“We know that as people age, they tend to become more averse to taking risks,” said Dr Tymula. “Yet, it seems there is something to the saying that everybody ages at a different pace. Our research suggests the speed at which our brain’s structure changes has a greater impact on our tolerance of risk than chronological age.”

In an experiment, the researchers asked more than 50 adults aged 18 to 88 to make choices between a guaranteed gain of $5 or ambiguous and risky lotteries with a payout of up to $120. Older participants preferred the guaranteed option, compared to younger participants.

Surprisingly, when researchers put these data into a model to determine what best predicted this change in preference, they found it was primarily driven by the neuronal density – the thickness and thinness of grey matter – in this brain region, rather than by age.

The results are published on December 14 in the high-impact journal, Nature Communications.

“Globally, we are experiencing an unprecedented demographic shift with people over 60 expected to outnumber children in only 30 years. Understanding how such a shift will affect decisions made in our societies on a political and economic level will be hugely important,” said Dr Tymula.

“When we choose our life partners, make a bet with a colleague, invest in a stock or vote in presidential elections, we cannot predict with certainty how these decisions will affect us and others. Understanding the brain’s structure can help us predict how our own and others’ decisions will change as our brain ages.”

The paper, Neuroanatomy Accounts for Age-Related Changes in Risk Preferences, will be available online in Nature Communications from 14 December 2016 Sydney 3am (AET) / 13 December 2016 London 4pm (GMT) at this link.

Downsizing the Elderly Smoothly is Possible with FairSplit.com and SeniorMoves.org

Downsizing is hard, indeed often the biggest move of a person's life, and comes when one is least able to do it for themselves. SeniorMoves.org's on-location services combined with the new FairSplit.com web based division tools combine to ease the burden on families in the Phoenix area

November 30, 2016 /PRNewswire/ -- "It's hard to begin downsizing when you're not sure what needs to be done or who is going to do them", explained Tony Siebers of SeniorMoves.org in Mesa, Arizona. 

 "That was the explanation that Nancy, my Mother-In-Law, shared with me when asked why we had not downsized Grandma Doriene, "Gigi", earlier", Tony explained about his own family experience. 

The prospect of downsizing an aging loved one seems bittersweet at best.  Many families now look for professional senior move management services.

Being a former military officer and corporate strategy executive for large companies, Tony knew the tragic outcomes of being paralyzed with indecision. 

He decided to focus his attention on the problems of his own family's move, learned from those, and started SeniorMoves.org after receiving training from the National Association of Senior Moves Managers.

With training as a Senior Move Manager, Tony had a methodology to focus on the physical and emotional needs of seniors and their families who are downsizing and help move them forward. 

In addition to fears of change, his own family was literally spread out across the world; from Japan to Washington D.C. to California.  While all understood that Gigi would move in with her daughter when the time came, the biggest emotional hurdle was what to do with the things that were no longer needed by Gigi. 

Conflicting family opinions on who wanted and should get what made downsizing complex.  Adding to that challenge, Gigi literally asked Tony, "How can I be equitable?". 

FairSplit.com turned out to have the solution and became SeniorMoves' first technology partner.  Their new web based technology platform allowed full engagement of the family and transparency to the downsizing process. Their slogan, "divide things, not families" fit well with the SeniorMoves' philosophy.

The process included consideration for emotional and monetary values. FairSplit.com founder David MacMahan says: "We provide a centralized location for everything online and a process to get things listed, sorted and fairly divided so the house can be cleared and the move made."

FairSplit.com, started as an easy to use web-based platform to share Gigi's belongings and gauge family interest in her heirlooms.  

Through the FairSplit process, Senior Moves quickly confirmed suspicions that the family did not want much, but instead felt that most of the items should be sold for Gigi's retirement fund. 

Gigi's family opted not to assign market values (i.e. eBay, Craigslist, etc.) for her belongings, but other families using Fairsplit.com have chosen to include and track market values.

Today, Fairsplit.com is a significant part of the Senior Moves' downsizing process.  When mobility and distance are core concerns, the online solution bridges gaps found in many families when trying to accomplish the move of a lifetime for someone mostly limited to a chair.

SeniorMoves.org has multiple Senior Move Managers, referred to as Senior Advocates, and together, they offer senior downsizing, transition planning and move management solutions to the Phoenix-Metro market. 

Experienced in space planning, de-cluttering, packing and moving, the team specializes in families who are geographically separated from each other.  Tel: (480) 648-5079 Email: info@SeniorMoves.org,  www.seniormoves.org

FairSplit.com is a California company focused on improving the process of listing and peacefully dividing the assets in death, divorce and downsizing.  Website: www.FairSplit.comEmail: 132415@email4pr.com Tel: 855-58-ESTATe (855-583-7828) David MacMahan is founder and CEO, and a lifetime entrepreneur creatively solving pain with technology.

Eldercare Advocate Chris Cooper: Nine Nursing Home Selection Tips

November 30, 2016 /PRNewswire/ -- The holidays are a traditional time for families to discuss if it is time to put a relative in a nursing home. They soon discover that when it comes to eldercare, there is no such thing as being safe at home.

"Selecting the right environment for an elderly person to live is a series of tough decisions that a caregiver or caretaker must negotiate," says Chris Cooper, author of the candid new guide "Eldercare Confidential: Cautionary Tales for Adult Caregivers and Caretakers of Parents and Spouses" (Indie Books International, 2016).

Cooper is a California Licensed Professional Fiduciary who works with seniors, disabled persons, and other individuals who can't manage their affairs on their own, assisting with everything from day-today financial issues to investment and estate management.

"Caregivers and caretakers are often thrust into the role of fiduciary, either by legal appointment or by assuming the role because of their relationship to the elderly person who needs caretaking," says Cooper. "The duties are more than a moral responsibility, they are also a legal obligation."

Here are nine tips from the book to guide you in evaluating potential nursing homes:

• The best time to tour a nursing home is on a Saturday evening. Because administrative and marketing staff won't be around at that time, you'll get a truer picture of what life is really like at the facility.
• Make sure you visit when a meal is being served. You'll get a chance to see the quality (and quantity) of food firsthand. Make sure every resident gets enough to eat and that staff are available to help those who need assistance.
• Find out how often the nursing home brings in nurses from a staffing agency. It's not unusual or a bad thing for a nursing home to occasionally have to turn to an agency to shore up its staff—after all, you want an adequate number of medical personnel on hand at all times. But if the nursing home is always bringing in new staff who aren't familiar with the facility or the patients, that could result in a lower quality of care for your loved one.
• Consider long-term care. Medicare offers very limited coverage for nursing home stays. That's why many people purchase long-term-care insurance or set aside money so they can pay for care out of their own pocket.
• Consistency of caregivers matters. In some facilities, a patient's caregivers may change from day to day. That can be unsettling and confusing for patients. Try to find a nursing home where the same caregiver sees the patient on most days.
• You need to be proactive to make sure your loved one gets the care they need.Often, it helps to designate a single family member to serve as the representative who will take charge of the patient's care and deal with the nursing home.
• Your loved one probably won't be able to choose their doctor. Instead, they'll be limited to whatever doctor(s) work with the nursing home. The facility's doctor may also be responsible for numerous patients. Nursing home doctors may visit the facility just once a week to make quick visits with patients.
• You should make your family member's room feel as much like home as possible. Bring personal objects and pictures so the place is familiar and comforting to them.
• Theft can be a problem. If your loved one has valuable items (like jewelry) make sure that they aren't left out anywhere where they could easily disappear. If possible, mark valuable items with your loved one's name.
•  

Cooper advises it is important to check with Medicare, Medicaid, and any private insurance provider to find out their current rules about covering the costs of long-term care.

When thinking about nursing home costs, keep in mind that you can have extra out-of-pocket charges for some supplies or personal care—for instance, hair appointments, laundry, and services that are outside routine care.

The rules about programs and benefits for nursing homes can change. Visit www.medicare.gov for information about different care options. To learn more about the Medicaid program, see www.medicaid.gov.

Cooper is a passionate advocate for those trying to meet the crushing costs of medical care. More tips are available on his website www.chriscooper.com.

About Indie Books International

Indie Books International (www.indiebooksintl.com) was founded in 2014 in Oceanside, California by two best-selling business authors. Similar to indie film companies and indie music labels, the mission of Indie Books International is to serve as an independent publishing alternative for consultants, executive coaches and business thought leaders.

Examining How Falls Can Alter How We Approach Aging More than one in four adults 65 or older fall each year

According to the Centers for Disease Control (CDC), it's estimated that falls account for roughly $31 billion in accrued medical costs each year. Moreover, falls become increasingly dangerous in the later stages of life

WALLINGFORD, Conn., Nov. 16, 2016 /PRNewswire/ -- With decreasing temperatures and winter approaching, Stannah Stairlifts cautions that snow and ice can possibly cause an increase in slip and fall accidents. According to the Centers for Disease Control (CDC), it's estimated that falls account for roughly $31 billion in accrued medical costs each year. 

Moreover, falls become increasingly dangerous in the later stages of life. An icy walkway transforms from a minor nuisance into a hazardous road block and injuries caused by falls can have lasting effects that carry on throughout life.

"It is unfortunately not uncommon to see a previously active person experience a rapid decline in overall health due to complications from a fall," said Susan Wile Schwarz, director of communications, The Global Coalition on Aging.  

According to The Global Coalition on Aging, simple home alterations such as increasing the brightness of lighting, fitting your shower with grab bars or installing a stair lift, can help decrease your chance of falling. 

For example, these modifications can help an individual with an altered sense of perception due to dementia reduce the risk of falls and remain in their home longer. 

There are also some lesser known ways to lower fall risk. Many elderly people and their caregivers may not be aware of the connection between their overall health and proper skin care and nourishment. "Poor skin health can cause a decrease in sensory perception," added Schwarz. 

"With less sensation in our feet and legs, we are a greater risk of falling and injuring ourselves." 

According to Schwarz, this risk is particularly pronounced in those with diabetes and other conditions that negatively impact these nerves.

While home modifications and caring for your body can reduce your risk of falling, both The Global Coalition on Aging and Stannah Stairlifts emphasize that it is equally important to maintain a healthy mind. 

Staying both physically and mentally active will ultimately serve a critical role in preventing injuries while simultaneously cultivating a positive approach towards aging.

"A stair lift can provide independence to the elderly," said Martin Stevenson, North American business development manager, Stannah Stairlifts. 

"In addition to offering protection against falls, stair lifts also provide a positive mindset for these individuals and allow them to remain active and productive members of society as they age."

Schwarz added that caring for an elderly person is a team effort and the ability to provide high-quality care is critical to maintaining an older person's health, well-being and dignity. 

"Analyzing how we can prevent falls and provide better care for our injured loved ones highlights several important opportunities to change how society approaches aging," said Schwarz.

An increasing number of companies are beginning to see the value of applying an aging perspective to how they conduct business. With help from initiatives such as the World Economic Forum Global Agenda Council on Ageing's: Age-Friendly Business Principles, businesses are discovering the importance of adapting proactive policies that acknowledge the increasing number of employees caring for an elderly loved one. By providing services such as flexible hours, setting different schedules, or allotting more telecommuting capabilities, these companies are finding that supporting their employees' ability to fulfill their responsibilities at home also benefits their bottom line as fewer employees are leaving full-time work or coming to work distracted.

"We need a care eco-system that ensures the later years of life are as rewarding as possible," said Schwarz. 

"It is important that we are able to remain active and independent as we age because, contrary to popular belief, these years can be some of the most dynamic and rewarding of our lives."

Stannah echoes this sentiment as it also serves as the company's core value. Stair lifts are a convenient way to re-establish independence and ensure your loved ones are navigating their homes safely and independently. 

The customer stories section on Stannah's website is evidence that a proactive and positive approach helps elderly individuals spend more time doing the things they love.

"We've found tha

t a person will be much happier aging at home instead of an assisted living facility," added Stevenson. "Stair lifts help keep people in the homes they love and avoid accidents that could disrupt their lives."

To learn more about the mission of The Global Coalition on Aging please visit www.globalcoalitiononaging.com. Additionally, discover how Stannah can help you or your elderly loved one by visiting http://www.stannah-stairlifts.com.

About Stannah Stairlifts:      
Stannah is recognized around the world as the company that brings freedom, independence and a strong sense of safety back to anyone who has difficulty overcoming the challenges posed by the stairs in their home. Indoors and outdoors, around the world there are more Stannah stairlifts in place than any other brand.

Ever since Stannah was established as a family-owned company almost 150 years ago, we have been committed to quality craftsmanship. Safety, reliability, and value are the tools of our trade, while you, our customer, are our primary focus. We want you to understand and enjoy freedom, independence and the inescapable feeling of pride that comes from being the master of your home.

About The Global Coalition on Aging:

                                                                                     
The Global Coalition on Aging aims to reshape how global leaders approach and prepare for the 21st century's profound shift in population aging. The Coalition uniquely brings together leading global corporations across industry sectors with common strategic interests in aging populations, a comprehensive and systemic understanding of aging, and an optimistic view of its impact.

Through research, public policy analysis, advocacy and communication, the Coalition advances innovative solutions and works to ensure global aging is a path for fiscally sustainable economic growth, social value creation and wealth enhancement. The Coalition operates along four pillars of health and wellness, education and work, financial security, and technology and innovation to promote basic reforms to address the 21st century's age-driven demographic realities.

Chubb White Paper Finds Pre-Retirees Emphasize Legacy Building Over Wealth Accumulation

 November 30, 2016 -- Many Americans aged 51 to 69 have a unique outlook on life, particularly when it comes to financial management and insurance, according to a new white paper from Chubb. While sharing several of the same interests and passions as younger cohorts, pre-retirees are more focused on legacy building than on wealth accumulation.  

"The Pre-Retirees: Changing Minds, Changing Needs" white paper explores the implications this changing mindset may have for wealth advisors and insurance agents. It also outlines the property and personal liability issues impacting pre-retirees, including risks associated with home ownership, travel and passionate pursuits.  

"Pre-retirees hold about $8 trillion in assets but, unlike younger generations, the majority are not focused on accumulating more wealth or property—rather, the emphasis is on what they have accomplished and the legacy they want to leave," explains Alanna Johnson, Senior Vice President, Premier Practice Leader, Chubb Personal Risk Services. 

"This has implications for how pre-retirees and their advisors approach risk management. Wealth advisors and insurance agents can best serve this generation by understanding the client's changing risk profile and designing a holistic risk management program that fits their lifestyle."

According to the white paper, some of the most pressing legacy building-related risks pre-retirees and their advisors should be aware of include:

• Serving on non-profit boards that might not offer sufficient D&O liability coverage in the event of a lawsuit
• Emerging property risks as a result of relocation as more pre-retirees move or purchase property to be closer to their adult children and grandchildren
• Unforeseen gaps in protection when pursuing sophisticated wealth transfer strategies, such as the establishment of a trust or LLC
• Having sufficient medical evacuation coverage and travel insurance in the event of an accident or injury abroad

A copy of "The Pre-Retirees: Changing Minds, Changing Needs" is available here.

About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. 

As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.