Age-related differences in delay discounting: Income matters

Abstract

Although the authors of a recent meta-analysis concluded there were no age-related differences in the discounting of delayed rewards, they did not examine the effects of income (Seaman et al., 2022). Accordingly, the present study compared discounting by younger and older adults (Ages 35-50 and 65-80) differing in household income. Two procedures were used: the Monetary Choice Questionnaire and the Adjusting-Amount procedure. Whereas no age difference was observed between the higher income (> $80,000) age groups, a significant difference was observed between younger and older adults with lower incomes (< $50,000): The younger adults discounted more steeply than the older adults. These findings, which were observed with both discounting procedures, support our buffering hypothesis, which assumes that the scarcity associated with a lower income is a stressor that can lead to steeper discounting, but that age-related increases in emotional stability can buffer such stressors, leading to age-related differences between lower income age groups. In contrast, no age difference was observed in higher income adults who experience much less scarcity. Further support for the buffering hypothesis comes from the finding that there was no age-related difference in discounting by the lower income groups when distress was statistically controlled. (PsycInfo Database Record (c) 2024 APA, all rights reserved).