Latest Research Report: Long Term Care Insurance: A Survey of Providers' Attitudes
This latest research report examines the potential of a long term care insurance (LTCI) market in Australia from the perspective of providers. The providers surveyed included senior officers of life insurers, life reinsurers and major financial services consultants. The report explores these providers’ attitudes to LTCI and the barriers to its implementation in Australia. The providers indicated in-principle support for the development of LTCI in Australia, however many reported significant demand-side barriers to its establishment. Some of the demand-side barriers include uncertainty about the extent of consumer demand for such a product in Australia, because households have other risks to insure for.
Staying Connected: Social Engagement and Wellbeing Among Mature Age Australians
This study explores the wellbeing of senior Australians, how it differs between age groups, and how it relates with their social engagement. The report finds that older people (i.e., those aged 70-89 years) have the highest overall life satisfaction, as well as comfort with their standard of living and feelings of freedom about decisions regarding how they live their lives. This is despite having poorer self-reported health than younger counterparts. The research is based on a survey of over 2,000 members of National Seniors Australia aged 50-89 years.
Relocation to a Retirement Village: Who Considers Relocation and What are People Looking for?
The motivations of seniors when considering whether or not to live in a retirement village are examined in this research report. Authored by researchers from The Australian National University and Flinders University, the report is based on a survey of over 500 people aged 55 years and over. Some of the factors encouraging consideration of a retirement village are assistance in case of declining health and convenient location to facilities, while factors likely to discourage a move are a fear of losing independence and concerns about privacy. These findings are important to inform aged care providers of the requirements of potential future residents in the context of changing health needs of the population and increasing demand for aged care.
The Role of Financial Literacy and Financial Adviser Anxiety in Older Australians' Advice Seeking
This report explores the financial literacy and usage of financial advice among people aged 40-74 years, based on a survey of over 2,200 people conducted by researchers from the University of Western Australia and Oklahoma State University. A significant feature of this research is the examination of financial adviser anxiety, whereby people worry about sharing information about their finances or being negatively judged by a financial adviser because of their financial situation. The survey reveals that approximately one-quarter of respondents have moderate to severe financial adviser anxiety, which adversely affects their likelihood of seeking financial advice. These findings are particularly significant given the importance of financial decision-making to long-term financial security.
The Health of Senior Australians and the Out-of-Pocket Healthcare Costs They Face
This report aims to better understand how the prevalence of chronic conditions is associated with burdensome out-of-pocket health care costs. To answer this important question, researchers from the Australian National University, conducted a survey of older Australians living in the community – with unique measures pertaining to the healthcare costs faced by respondents as well as questions about their health and wellbeing and general demographic characteristics too. This report shows that although many costs are subsidised through Australia’s Medicare arrangements, a sizeable minority of mature age people face considerable out-of-pocket health care costs.
The Retirement Quiz: What we Need to Enjoy a Successful Retirement
In recent months, much work at National Seniors Australia has been undertaken on retirement planning and productive engagement during retirement. A question that is often raised from this research is what kinds of people adjust to retirement well and others not so well? Similarly, how can mature age people track their retirement adjustment? This created the need for a tool to enable mature age Australians to track their retirement preparation progress. The quiz,developed by Dr. Joanne Earl and Ms. Cindy Leung, assesses retirement preparedness in the areas of health and finance and looks at what social, emotional, cognitive and motivational resources people need to have a good quality of life in retirement.
Senior Australians and Prescription Medicines: Usage, Sources of Information and Affordability
This report aims to better understand issues related to the usage of prescription medicines by mature age Australians. In particular, researchers from the National Seniors Productive Ageing Centre sought to examine aspects of prescription medicine usage, sources on information and the extent of financial barriers to use. To answer these questions, the authors drew upon the first National Seniors Social Survey – a cross sectional survey of over 3,000 Australians aged 50 and over. Findings from this study will be presented at the 2012 Medicines Australia Conference: Living Longer, Living Well: The Role of Medicines for an Ageing Australia.
It's Not Just About Money: Intergenerational Transfers of Time and Money To and From Mature Age Australians
This National Seniors Productive Ageing Centre research report prepared by the University of Adelaide, entitled Intergenerational Transfers of Time and Money To and From the Over 50s in Australia, examines intergenerational transfers in Australia using data from a telephone-based survey and semi-structured telephone interviews of people aged 50 years and over. The report reveals that financial transfers within families predominantly occur from older to younger generations, while much less so in the other direction. Practical assistance, on the other hand, flows in both directions between older and younger generations.