Age Differences Between Young and Older Adults in Decision-Making Under Risk: A Cross-Sectional Study

Background: Decision-making under risk is a crucial process for undertaking health behaviors. Although the influence of individual differences on decision-making under risk has been widely examined, there is no clear consensus yet as to how to explain this process considering both young and older adults. The main aim of this preliminary study was to examine age differences in decision-making under risk, risk propensity, sensation-seeking, and self-conscious emotions between younger and older adults. Methods: A total of 40 subjects (20 young adults and 20 older adults) participated in the present study. The young adults were aged 18–35 years (M = 23.25, SD = 2.59). The older adults were aged 65–70 years (M = 68.50, SD = 4.01). Participants completed the Risk Propensity Scale, the Sensation-Seeking Scale, the Test of Self-Conscious Affect, and the Prisoner’s Dilemma Game. Results: The results indicated that the groups showed different behaviors in sensation-seeking (p < 0.001, pη2 = 0.14). The older group showed a larger propensity to seek recreational activities and unconventional behaviors than the younger group (p < 0.0001, d = 0.78; p = 0.001, d = 0.75). Also, the older adults demonstrated a greater inclination toward pride (p < 0.01, d = 0.78), whereas younger adults exhibited a stronger tendency towards shame (p < 0.01, d = 0.76). Conclusions: These data suggest a shift in risk preferences as individuals age, potentially influenced by a variety of psychological, social, and experiential factors. The applications of this study can support psychological well-being, productivity, and quality of life in later adulthood.