Eight more years until I am rational

Here is a new study of how age affects and channels decision-making abilities:

The sophistication of financial decisions varies with age: middle-aged
adults borrow at lower interest rates and pay fewer fees compared to
both younger and older adults.  We document this pattern in ten
financial markets.  The measured effects cannot be explained by observed
risk characteristics.  The sophistication of financial choices peaks
around age 53 in our cross-sectional data. [emphasis added]  Our results are consistent
with the hypothesis that financial sophistication rises and then falls
with age, although the patterns that we observe represent a mix of age
effects and cohort effects.

Here is the paper.  Here are non-gated versions.