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Title: Feeling financially comfortable? What retirees say.
Contributor(s): McCallum, J (author); Hosking, D (author); Rahn, A  (author)orcid 
Publication Date: 2019-03
Open Access: Yes
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Open Access Link: Access Link
Abstract: In 2014 the final report of Murray’s Financial System Inquiry presented two opposing retirement scenarios in an age of increasing longevity: the first was under the current superannuation system, where retirees adapt to “a lower standard of living in retirement to avoid outliving savings.” The second projected scenario, based on implementing the report’s recommendations, offered “higher and more enduring income in retirement.” The second scenario involves incorporating lifetime income products, such as annuities, into the mix of products offered to retirees. Since then, the government has been discussing the need for better financial products for people as they retire, so that they can maintain a satisfactory income through to end of life. Up to this time, the primary focus has been on financial products rather than on consumer demand and experiences. The unsettling nature of the consumer experience of being between the two scenarios was well-expressed by one of our interviewees:
“I think it is basically [that] we are meant to gamble in the share market. At the moment it is scary, and we are faced with things that we haven’t in the past, and we have to have trust in the super fund” (woman retired 20 years)
A previous National Seniors report1 documented the experiences of people who were having financial difficulties in retirement, together with an absence of long-term planning. The purpose of this report is to document the consumer experience of different comfort levels in retirement for those with private assets and to understand how different financial situations in retirement affect a retiree’s sense of comfort. Survey data are used to set the scene for these interview responses. Future financial products need to be well-tuned to consumer preferences and thinking to be effective.
Publication Type: Report
Publisher: National Seniors
Place of Publication: Brisbane, Australia.
ISBN: 97800648364726
Field of Research (FOR): 150201 Finance
160899 Sociology not elsewhere classified
200205 Culture, Gender, Sexuality
Socio-Economic Objective (SEO): 940103 Ageing and Older People
HERDC Category Description: R1 Report
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Extent of Pages: 35
Appears in Collections:Report
School of Humanities, Arts and Social Sciences

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