The Effect of Presentation Level on Memory Performance
Conclusions: A high presentation level of distorted words can adversely affect memory even after intelligibility is equated for. Moreover, older listeners are affected at lower presentation levels. Hence, the choice of sound level, particularly for older listeners, is important and may affect their level of cognitive performance beyond its effects on intelligibility. Higher presentation levels may not always lead to better performance when the task involves recall of words previously heard.
from Ear and Hearing