Previous studies reported that consumers choose a higher number of options in subtractive framing, which delete the unnecessary options from the full model with all options chosen than in additive framing, which adds options to a simple base model. The purposes of this study are to examine the effect of age on option framing and the differences of product type on the option framing effect using two product scenarios. Participants were 40 younger and 40 older adults. We measured the number (...) of options chosen, total price, choice difficulty, and choice satisfaction. In addition, cognitive functions were assessed. Results revealed that older and younger adults chose more options in the -OF condition for both the scenarios. For the medical examination, older adults chose more options than did the younger adults in both -OF and +OF conditions. Developmental shift in goals and motivation related to life-span may explain the differences between the age differences. (shrink)

Financial gerontology can be defined as investigating relations between finances and aging. Authors such as Neal E. Cutler, Kouhei Komamura, Davis W. Gregg, Shinya Kajitani, Kei Sakata, and Colin McKenzie affirm that financial literacy is an effect of aging with concern about the issue of finances, as well as stating that it is the effect of longevity and aging on economies or the financial resilience of older people.

Financial gerontology can be defined as investigating relations between finances and aging. Authors such as Neal E. Cutler, Kouhei Komamura, Davis W. Gregg, Shinya Kajitani, Kei Sakata, and Colin McKenzie affirm that financial literacy is an effect of aging with concern about the issue of finances, as well as stating that it is the effect of longevity and aging on economies or the financial resilience of older people.