This project is being conducted in the Department of Applied Finance and Actuarial Studies, part of the Faculty of Business and Economics at Macquarie University. The project is lead by Dr Tim Kyng.
Project: Retirement villages – online cost comparison tool
The project is developing an online calculator to help retirees and their advisers compare the cost of retirement village accommodation. The financial aspects of retirement village contracts are complex and confusing. This new tool gives both consumers and advisers an improved understanding of relative costs of different retirement village contracts. They will be able to compare contracts and their features, facilitating more informed choices.
This project builds on existing research about the complexity of contracts and the financial capability of retirement village residents. The project will work in partnership with seniors’ organisations, retirement village residents associations in NSW and Victoria, and the Consumer Action Law Centre. It complements other work to improve price disclosure and resident rights in retirement villages.
The first version of the calculator was launched in August 2017 rvcalculator.org
See the press release from the launch event here.