Authors: Carole Roan Gresenz, Jean M. Mitchell, R. Scott Turner, Wilbert van der Klaauw, and Crystal Wang
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Staff Reports
Cognitive Health, Household Financial Decision-Making, and Intrahousehold Financial Spillovers
Number 1169
October 2025
October 2025
JEL classification: G51, G41, D91
We study the spillover effects of cognitive decline in one member of a coupled household on the financial outcomes of their partner and assess how “own” and spillover effects are moderated by the structure of household financial decision-making. We use a large, nationally representative longitudinal data set spanning 2000-2017 that includes credit report data merged at the individual level with Medicare claims and enrollment data. We find the own adverse financial consequences of cognitive decline depend on household financial integration and other characteristics associated with household financial management, and find significant, albeit smaller (vs own), adverse financial spillover effects on partners.
Author Disclosure Statement(s)
Carole Roan Gresenz
I (Carole Roan Gresenz) declare that I have no relevant or material financial interests that relate to the research described in this paper (see below). Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Jean M. Mitchell
Jean M. Mitchell declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
R. Scott Turner
Dr. R. Scott Turner reports research support to Georgetown University from BMS, Cognition Therapeutics, Eisai, Janssen and Lilly. He serves on the Speakers Bureau for Lilly and is a consultant for Re:Cognition Health.
Wilbert van der Klaauw
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Crystal Wang
The author declares that they have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
I (Carole Roan Gresenz) declare that I have no relevant or material financial interests that relate to the research described in this paper (see below). Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Jean M. Mitchell
Jean M. Mitchell declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
R. Scott Turner
Dr. R. Scott Turner reports research support to Georgetown University from BMS, Cognition Therapeutics, Eisai, Janssen and Lilly. He serves on the Speakers Bureau for Lilly and is a consultant for Re:Cognition Health.
Wilbert van der Klaauw
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Crystal Wang
The author declares that they have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Suggested Citation:
Gresenz, Carole Roan, Jean M. Mitchell, R. Scott Turner, Wilbert van der Klaauw, and Crystal Wang. 2025. “Cognitive Health, Household Financial Decision-Making, and Intrahousehold Financial Spillovers.” Federal Reserve Bank of New York Staff Reports, no. 1169, October. https://doi.org/10.59576/sr.1169
Gresenz, Carole Roan, Jean M. Mitchell, R. Scott Turner, Wilbert van der Klaauw, and Crystal Wang. 2025. “Cognitive Health, Household Financial Decision-Making, and Intrahousehold Financial Spillovers.” Federal Reserve Bank of New York Staff Reports, no. 1169, October. https://doi.org/10.59576/sr.1169
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