Financial decision making in late adulthood. The project aims to examine links between cognitive changes and financial decision-making in late adulthood and also to assess the preparedness of the elderly to combat financial risks due to age-related cognitive decline. Further, it intends to examine how age, education, wealth, health, and other environmental factors influence transfer of financial decision-making responsibilities to spouses or others. It is expected that the research will provide ....Financial decision making in late adulthood. The project aims to examine links between cognitive changes and financial decision-making in late adulthood and also to assess the preparedness of the elderly to combat financial risks due to age-related cognitive decline. Further, it intends to examine how age, education, wealth, health, and other environmental factors influence transfer of financial decision-making responsibilities to spouses or others. It is expected that the research will provide a greater understanding of how cognitive functioning and other factors affect older adults’ financial capacity and willingness to delegate decision-making responsibilities. This understanding could be used to inform policy initiatives to protect elderly individuals and their family members from the risk of financial mismanagement.Read moreRead less
Designing a Holistic Model of Advice to Improve Retirement Planning. We aim to improve retirement planning through the design and application of a new model integrating financial advice with career and health planning to optimise financial and psychological outcomes. We will test a multidisciplinary, holistic model of advice combining specialist knowledge in careers, health, and finances. Expected outcomes of the project include evaluating the use of a broader range of experts during retirement ....Designing a Holistic Model of Advice to Improve Retirement Planning. We aim to improve retirement planning through the design and application of a new model integrating financial advice with career and health planning to optimise financial and psychological outcomes. We will test a multidisciplinary, holistic model of advice combining specialist knowledge in careers, health, and finances. Expected outcomes of the project include evaluating the use of a broader range of experts during retirement planning and developing a model for the future training and development of financial advisers.By optimising the timing of workplace exit, we aim to decrease reliance on pensions and encourage earlier and on-going engagement in the retirement planning process. This will provide significant social and economic benefits.Read moreRead less
Better communication to solve the under-saving, under-spending puzzle. This project expects to develop evidence-based communication tools that promote life-time financial security, specifically investigating the puzzling and harmful tendency of people to under-save while working and under-spend while retired. To achieve this goal, it will design and experimentally validate innovative boosts to superannuation communication including income projections and goal-setting targeted at common misconcep ....Better communication to solve the under-saving, under-spending puzzle. This project expects to develop evidence-based communication tools that promote life-time financial security, specifically investigating the puzzling and harmful tendency of people to under-save while working and under-spend while retired. To achieve this goal, it will design and experimentally validate innovative boosts to superannuation communication including income projections and goal-setting targeted at common misconceptions and biases. It will use new structural modelling techniques to measure welfare changes. The expected outcomes are rigorous explanations for the saving-spending puzzle, and robust communication strategies for superannuation funds that will benefit workers and retirees by raising financial capability and confidence.Read moreRead less