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Professor Johnson said he was studying data from a broader range of ages to confirm his findings and also analyzing whether older people viewed future money differently than other age groups. Eventually, he said, he hoped to determine whether loss aversion was connected to cognitive decline.

I think older people do view future money differently than other age groups, and rightly so. We don't need psychological investigation or scientific data as a source of learning this.

Older people view future money in terms of concerns about outliving what has been accumulated, or not having anything to pass on to heirs, etc. Younger people don't view future money in this way. Like many matters that are supposed to be subject to psychological investigation, the results are pretty obvious even before we gather "data."

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