Introduction Researchers working in the field of cognitive aging frequently encounter highly motivated yet nervous older participants during data collection in the laboratory. Such anecdotal experiences raise the question of whether the affective or physiological response of older participants to psychological laboratory experiments differs to that of young adults, who might be less motivated but also less nervous, as they may be more used to the environment and to learning and memory tests. Methods In the present study, we collected saliva samples and subjective affective ratings during an EEG experiment on memory, and at home, in young and older adults, while also taking into account sex effects. Results There was no significant interaction involving time point (laboratory vs. at home) and age group. However, across both time points older males showed significantly higher cortisol-levels than older females, while there was no difference for younger males and females. The trajectories in cortisol levels throughout the session, especially around the memory task, differed by age: While there was a decrease in cortisol levels for younger adults from before to after the memory task, we did not observe such a decrease in older participants. There were few age differences in alpha-amylase or negative affect. However, older adults showed higher ratings of positive affect than younger participants. Importantly, lower cortisol levels before the memory task were associated with higher associative memory performance for older adults. Discussion Affective reactions to psychological laboratory tasks may hence be an important factor to consider in psychological experiments in the field of cognitive aging.