These things are conflated because it usually takes time to accumulate wealth especially if self-made, so older people will tend to both be richer and more small-c conservative.

Also although in the tech industry this link has been broken/inverted, there's usually a correlation between excessive risk taking (i.e. lack of conservatism) and losing all your money. In most sectors of society wealth is built up over time through care and perhaps a bit of moderate risk taking, but not too much.