This project will be conducted in the Department of Applied Finance and Actuarial Studies, part of the Faculty of Business and Economics at Macquarie University. The project will be lead by Dr Tim Kyng.
Project: Retirement villages – online cost comparison tool
The project will develop 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. These new tools will give both consumers and advisers an improved understanding of retirement village contracts and their costs, benefits and risks. 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.