Awareness of financial strategies to finance aged cost

Impact: Society impacts

Description of impact

We started this research project in 2018. This research project is leaded by Dr Colin Zhang, A/Prof Timothy Kyng, Prof David Pitt and Dr Sachi Purcal. This project investigates the financial risks for retirement living options and it offers a roadmap about retirement living financial strategies, which enhance people's awareness of their financial plan. This research project falls within the Macquarie University’s Future-shaping Research Priority, “Prosperous Economies” and “Healthy People”.

This project can equip Australian senior people with better understanding about their retirement village living options. Complexity of fees related to retirement villages and aged care facilities motivate us to increase senior’s awareness of the associated financial risks.

Australian senior citizens who intend to live in retirement villages or aged care facilities are the main beneficiaries of this research project. This work has had considerable impact and media coverage. Through this project, our online retirement village living cost calculator has been deployed on the University website and via links to it from the websites of the Council of the Aging, the retirement village residents associations in NSW and Victoria, and the financial capability website of the Australian Securities and Investments Commission. A/Prof Timothy Kyng and Dr Colin Zhang have been interviewed by several national recognized media including ABC and SBS about their related research work.

Impact date1 Oct 201831 Dec 2021
Category of impactSociety impacts
Impact levelMature