Story perspectives

Study Links Aging Literacy Declines to Financial Mistakes

1/3/2026

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Summary

Story summary

A Wharton School study finds literacy declines among older adults link to higher financial missteps, with literacy dropping about one percentage point yearly.
Beth Pinsker, author, notes that a power of attorney and a health-care proxy should start at age 18.
These documents let others make financial and medical decisions if someone becomes incapacitated.
Pinsker notes that these simple, affordable steps can prevent major complications and support care.

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Story summary

A Wharton School study finds literacy declines among older adults link to higher financial missteps, with literacy dropping about one percentage point yearly.
Beth Pinsker, author, notes that a power of attorney and a health-care proxy should start at age 18.
These documents let others make financial and medical decisions if someone becomes incapacitated.
Pinsker notes that these simple, affordable steps can prevent major complications and support care.