Sustainable Retirement: A Look At Consumer Desires

Drew, Michael, Stanford, Jon and Stanhope, Bill (2003) Sustainable Retirement: A Look At Consumer Desires. Discussion Paper No. 330, School of Economics, The University of Queensland.

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Author Drew, Michael
Stanford, Jon
Stanhope, Bill
Title Sustainable Retirement: A Look At Consumer Desires
School, Department or Centre School of Economics
Institution The University of Queensland
Report Number Discussion Paper No. 330
Publication date 2003-10-01
Subject 340203 Finance Economics
Abstract/Summary This paper examines the findings of the research project, 'Retirement Savings: Drivers and Desires', commissioned by the Investment and Financial Services Association Ltd (IFSA) in 2001. The paper investigates retirement savings decision-making and retirement income product stream choice. This paper presents a quantitative analysis of questionnaire data relating to decision-making and product stream choice and discusses these issues in the context of established research findings about retirement income. The paper consists of five sections. The first is a brief review of the 'Drivers and Desires' research project conducted in 2001. An important theme to emerge from the initial project was that participants reported a high level of risk aversion and a strong desire to obtain the publicly funded age pension. Based on the findings of the initial project, the remaining sections of this paper focuses on consumer preferences, particularly relating to risk aversion and demand for the age pension. The second section focuses on a specific issue emanating from the initial project, specifically the market for annuities. The third section considers retirement income streams in terms of risks to investors. The fourth section carries out a quantitative analysis of consumer preferences toward the identified risks in previous sections, and specifically considers various trade-offs in the decision-making process. The fifth section outlines various policy alternatives and issues for future consideration.
Keyword retirement
savings
annuities
income
risk aversion
aged pension
decision-making

Document type: Department Technical Report
Collection: Discussion Papers (School of Economics)
 
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Created: Tue, 17 Aug 2004, 10:00:00 EST by Belinda Weaver (EA)