What does your frugality quotient show? Does it increase as you grow older? Or do you feel you’ve reached a point where your frugality has attained a steady level from which it refuses to nudge? Or do you think that you have reached the pinnacle of fiscal enlightenment and are sliding down the slope right now? Well, this is individualistic.
Behavioral economist, David Laibson and associates have conducted a study and released a report on how the levels of monetary wisdom change with age. In their very interesting paper “The Age of Reason: Financial Decisions over the Life-Cycle with Implications for Regulation” which is yet to be released, they say that though your experience and age help in increasing your fiscal wisdom till a certain stage of your biological growth, with oldage , [...]
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