Decoding everyday levels of musical training from subcortical white-matter architecture.
Authors: Lumaca M, Pearce MT, Keller PE, Vuust P, Brattico E, Baggio G, Hat K, Heggli OA, Sandberg K
Journal: Imaging neuroscience (Cambridge, Mass.)
mental health
psychology
open access
Abstract
Financial decision making (FDM), a complex and multidimensional construct, is
a critical aspect of independent living. FDM is generally conceptualized as the
ability to autonomously conduct financial tasks in order to manage one’s
finances without error and preventable financial loss. Research suggests that in
cognitively healthy older adults who were concerned about their everyday behaviors,
money management tasks such as completing taxes was the most frequently modified
activity ().Older adults
are also known to be at risk for making suboptimal financial decisions and
experiencing financial exploitation (; ). Financial exploitation involves both financial
abuse and financial fraud and scams (). The former involves financial exploitation encountered in the
presence of trusted relationships with the perpetuator (e.g., family member,
friend), while the latter involves financial loss where the perpetuator is a
stranger (). Such
vulnerability is especially problematic because older adults hold about 70% of
disposable income (). Moreover, the number of older adults, and those living
with age-associated conditions such as dementia, is increasing. From 2020 to 2025
there will be a projected 22% increase in the number of individuals diagnosed with
Alzheimer’s Disease (AD) in the U.S, with the total number of cases estimated
to rise to 7.1 million (). There
is emerging evidence that financial mistakes may indicate impending cognitive
decline. Specifically, a recent population-based study in Medicare beneficiaries
identified that credit card errors (i.e., delinquent payments) and subprime credit
scores were present about 6 years and 2.5 years, respectively, before a dementia
diagnosis (). Awareness of one’s own financial decision making abilities (financial
awareness) is related to but independent from FDM (; ). A previous study found
that financial awareness was associated with memory awareness (i.e., knowledge of
one’s memory abilities) (). Moreover, congruent with the
memory awareness literature, we found that overconfidence was associated with lower
levels of FDM. In the context of impaired FDM, an individual with intact awareness
of their impairment is expected to be less vulnerable to experiencing financial
loss, exploitation, and scams, and/or making improper investments . Supporting evidence also comes from
studies wherein lower awareness of memory impairment among those with AD or Mild
Cognitive Impairment (MCI) is associated with suboptimal decision making regarding
everyday activities such as how best to manage medications (; ). Structural and functional neuroimaging (cortical thickness, diffusor tensor
imaging (DTI) and functional connectivity) can improve our understanding of the
neural mechanisms that support everyday FDM and financial awareness, and help to
identify individuals at risk for financial loss. But still, only a handful of
studies have examined these associations with initial evidence originating from
studies on financial literacy and exploitation (; ). Studies in the field of neuroeconomics and neurofinance using
neuroimaging modalities have typically examined FDM under risk and ambiguity, and
intertemporal choices to understand impulsivity versus delayed gratification. In
contrast, everyday FDM as assessed using tasks such as decoding the components of a
bill, writing a simulated check, and deciphering insurance information attempt to
understand the ability to perform FDM-related tasks. In this context, financial
awareness relates to one’s awareness of financial abilities to perform such
everyday financial tasks. Therefore, simultaneously studying the neuroimaging
correlates of both everyday FDM and one’s financial awareness is critical to
identify the common versus unique involvement of neural substrates and networks.
This understanding can pave the path to discover effective pharmacological
interventions to prevent or reduce financial loss and recommend behavioral
rehabilitation strategies.
a critical aspect of independent living. FDM is generally conceptualized as the
ability to autonomously conduct financial tasks in order to manage one’s
finances without error and preventable financial loss. Research suggests that in
cognitively healthy older adults who were concerned about their everyday behaviors,
money management tasks such as completing taxes was the most frequently modified
activity ().Older adults
are also known to be at risk for making suboptimal financial decisions and
experiencing financial exploitation (; ). Financial exploitation involves both financial
abuse and financial fraud and scams (). The former involves financial exploitation encountered in the
presence of trusted relationships with the perpetuator (e.g., family member,
friend), while the latter involves financial loss where the perpetuator is a
stranger (). Such
vulnerability is especially problematic because older adults hold about 70% of
disposable income (). Moreover, the number of older adults, and those living
with age-associated conditions such as dementia, is increasing. From 2020 to 2025
there will be a projected 22% increase in the number of individuals diagnosed with
Alzheimer’s Disease (AD) in the U.S, with the total number of cases estimated
to rise to 7.1 million (). There
is emerging evidence that financial mistakes may indicate impending cognitive
decline. Specifically, a recent population-based study in Medicare beneficiaries
identified that credit card errors (i.e., delinquent payments) and subprime credit
scores were present about 6 years and 2.5 years, respectively, before a dementia
diagnosis (). Awareness of one’s own financial decision making abilities (financial
awareness) is related to but independent from FDM (; ). A previous study found
that financial awareness was associated with memory awareness (i.e., knowledge of
one’s memory abilities) (). Moreover, congruent with the
memory awareness literature, we found that overconfidence was associated with lower
levels of FDM. In the context of impaired FDM, an individual with intact awareness
of their impairment is expected to be less vulnerable to experiencing financial
loss, exploitation, and scams, and/or making improper investments . Supporting evidence also comes from
studies wherein lower awareness of memory impairment among those with AD or Mild
Cognitive Impairment (MCI) is associated with suboptimal decision making regarding
everyday activities such as how best to manage medications (; ). Structural and functional neuroimaging (cortical thickness, diffusor tensor
imaging (DTI) and functional connectivity) can improve our understanding of the
neural mechanisms that support everyday FDM and financial awareness, and help to
identify individuals at risk for financial loss. But still, only a handful of
studies have examined these associations with initial evidence originating from
studies on financial literacy and exploitation (; ). Studies in the field of neuroeconomics and neurofinance using
neuroimaging modalities have typically examined FDM under risk and ambiguity, and
intertemporal choices to understand impulsivity versus delayed gratification. In
contrast, everyday FDM as assessed using tasks such as decoding the components of a
bill, writing a simulated check, and deciphering insurance information attempt to
understand the ability to perform FDM-related tasks. In this context, financial
awareness relates to one’s awareness of financial abilities to perform such
everyday financial tasks. Therefore, simultaneously studying the neuroimaging
correlates of both everyday FDM and one’s financial awareness is critical to
identify the common versus unique involvement of neural substrates and networks.
This understanding can pave the path to discover effective pharmacological
interventions to prevent or reduce financial loss and recommend behavioral
rehabilitation strategies.