REP 31 Consumer decision making at retirement
Released July 2004.
A report prepared by Chant Link & Associates.
The current research for ASIC involved 10 focus groups among people who have retired from full time employment in the last 12 months, and who have made a decision as to what they would be doing with their super benefit. The group discussions were held in Sydney and Melbourne, and only those who had a super benefit of $50,000 or more were included. The research sought to understand the decision processes undertaken, and to identify awareness and knowledge of the main options available to retirees when deciding what to do with their superannuation benefit.
The report mainly deals with the current research exercise. However, since an earlier piece of research conducted for the Investment and Financial Services Association (IFSA) dealt with a similar topic and included a quantitative survey of 400 pre-retirees and 200 retirees, Section 7 provides a summary of the main relevant findings from the 2001 IFSA survey in order to augment the current findings.