There have been a couple studies on this and it’s believed that it’s because when we are young, the path our neurons have to take to write a new memory is shorter than the path it takes when there are more memories as we are older.
This means we write memories “faster” when we are young and a greater part of the memory section of our brain is full of experiences from when we were young.
So as you mentally scan the years (think like a movie) the scenes when we were young take longer to “play” because there are more of them. Then as we age, it gets shorter and shorter of a “scene” per year.
https://sitn.hms.harvard.edu/flash/2019/no-not-just-time-speeds-get-older/
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