Old people with old-fashioned thinking can't be far from something safe... they already have money, so they just try to maintain it, there is no intention to take more risks because besides the potential to get richer, it also has the potential to get poorer, even though it's only 1% of their own assets... subjectively they may already feel financially free and just want to face old age comfortably without thinking about anything else.
We can't completely blame that, because maybe when I reach that level, I will also take the same steps too... the psychology when at a high level is different from the psychology when at the current level... so I consider it a natural thing.