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
Super Financial Security: Improving Flexibility, Trust and Communication. This project aims to address the significant worldwide challenge of how to safeguard financial wellbeing at older ages. In doing so it aims to investigate three important and interconnected influences on retirement preparation: flexible choice architecture, trust formation and effective communication. The project aims to use a combination of innovative modelling, experimental and field-based approaches. The principal expec ....Super Financial Security: Improving Flexibility, Trust and Communication. This project aims to address the significant worldwide challenge of how to safeguard financial wellbeing at older ages. In doing so it aims to investigate three important and interconnected influences on retirement preparation: flexible choice architecture, trust formation and effective communication. The project aims to use a combination of innovative modelling, experimental and field-based approaches. The principal expected outcomes are insights into the factors that guide superannuation choice, build trust with superannuation providers, and ensure clear and effective communication with members.Read moreRead less
Developing sustainable retirement policy in a Chinese province: the case of Zhejiang. Much Chinese national policy has its origins in provincial initiatives, and this is especially true of retirement policy, where information about individuals is held by provinces. This project examines Zhejiang Province, one of the most innovative in policy. It promises to yield rich insights into retirement policy formulation in China.
Discovery Early Career Researcher Award - Grant ID: DE200101266
Funder
Australian Research Council
Funding Amount
$420,039.00
Summary
Demystifying Puzzles in Retirement Planning. This project aims to investigate optimal retirement planning with stochastic and ambiguous mortality/longevity risks not previously considered in a unifying framework. By using an innovative approach utilising techniques from actuarial science, financial mathematics and stochastic control, this project expects to generate new knowledge in the area of personal longevity risk management. Expected outcome of the project include new insights to several pu ....Demystifying Puzzles in Retirement Planning. This project aims to investigate optimal retirement planning with stochastic and ambiguous mortality/longevity risks not previously considered in a unifying framework. By using an innovative approach utilising techniques from actuarial science, financial mathematics and stochastic control, this project expects to generate new knowledge in the area of personal longevity risk management. Expected outcome of the project include new insights to several puzzling questions in retirement studies. This should provide significant benefits to retirement education for retirees facing the risk of outliving retirement savings, thereby mitigating the pressing challenge caused by population ageing and longevity risk to pension systems in many countries.Read moreRead less
Endgame: managing superannuation in later life. This project aims to come up with strategies for improving superannuation advice for the elderly - including retirees, and also those on the cusp of retirement, who often have little or no scope for working harder or longer to restore their finances. It applies recent developments in financial economics to improve the quality of financial planning advice.
Integrating public and private retirement risk protection: public policy and business practice. Demographic shift has brought widespread calls for structures which allow both the private and public sectors to participate in retirement protection. This project will deliver outcomes for co-ordinating public policy and business practice to finance adequate retirement protection, and identify opportunities for specific outcome improvements.
What women want: unravelling the factors underlying women's financial decision-making behaviour. By the time women retire, they are generally worse off financially than men. This national study will be the first to measure the impact of underlying factors that explain rather than describe the financial decision-making behaviour of women, and how financial decision-making and economic outcomes for women might be improved.
Mandatory pre-funded retirement income schemes: Best policy and practice. This innovative project aims to leverage in-depth knowledge of two mandatory pre-funded retirement income systems, Australia and the Netherlands to create new findings to significantly advance policy and practice in these two countries. Mandatory pre-funded retirement income structures adopt a range of approaches regarding choice and drawdown structures. This project aims to use survey and experimental techniques, and stoc ....Mandatory pre-funded retirement income schemes: Best policy and practice. This innovative project aims to leverage in-depth knowledge of two mandatory pre-funded retirement income systems, Australia and the Netherlands to create new findings to significantly advance policy and practice in these two countries. Mandatory pre-funded retirement income structures adopt a range of approaches regarding choice and drawdown structures. This project aims to use survey and experimental techniques, and stochastic life-cycle models, to investigate comparative choice frameworks and the menu of retirement income products in the two countries. It aims to deliver models for improved policy and retirement income designs, producing outcomes which aim to generate global benefit as more countries move towards this pension paradigm.Read moreRead less
Reconnecting and engaging superannuation fund members. To understand the widely perceived disengagement of superannuation fund members, the project team will collaborate with UniSuper and the human resources departments of two large Australian universities on a large-scale, state-of-the-art experiment. This project will provide theoretical, and hands-on, advice to reconnect and engage fund members to enhance/improve retirement savings decisions.
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