A lot of it has to do with the fact that an older person (I'm 61) has more experience and has learned the consequences of a hasty decision. In addition, the older person has more experience to draw on, so his resources are deeper. Where a younger person sees an issue a black and white (and hardly considers the consequences) and older person sees more nuance and shading and is acutely award of the consequences of being wrong.
I think both possibilities are accurate.
Older people do have more experience and can think with more subtlety than younger folks.
But I do see simple cautiousness, for fear of mistakes, as well. For the most part, 60 year olds are close to pension age. If they lose their job and their pensions, what are the odds of getting another job, with the same pay and benefits?
As a pre WWII child I find/believe my social views have metamorphosed to be more fact inclusive. I believe this has caused my opinion about Obama and his international circle of enablers to be much less friendly. I have to watch myself as to the current crop of congresspersons and judges.