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Older adults hold more debt today than in past generations, and a new study from the University of Michigan shows a correlation between indebtedness and cognitive ability. This relationship is even more pronounced during the pandemic. Much of the increase in total debt is due to older adults with higher cognitive ability taking on disproportionately more mortgage debt in response to increasing local home prices than their counterparts with lower cognitive ability. In addition, adults with higher cognitive ability also take on greater debt of other types, such as credit card and medical debt.
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