This paper is from Session 7E: Using statistical literacy in tools for the society
which comes under Topic 7: Statistical literacy in the wider society
Paper 7E2 (Friday 13th, 11:00-12:30)
Educating Older People for Retirement Housing Decisions A Case Study in Australia
Presenter
- Timothy Kyng (Macquarie University, Australia)
Co-authors
- Ayse Aysin Bilgin (Macquarie University, Australia)
- Ling Li (Macquarie University, Australia)
Abstract
Many countries around the world are experiencing problems associated with the aging of the population, which necessitates developing post retirement accommodation solutions. In developed countries, retirement villages followed by aged care facilities are a common solution. Relocation to one of these can involve significant expense and financial risk for consumers. Most of them lack the knowledge and skills to make informed decisions about this. The purpose of this paper is to show how publicly available data, such as the Australian Bureau of Statistics data on mortality and disability, may be used to create a comparison rent metric for consumers considering a move into a retirement village in a user friendly web-based calculator to enhance their financial planning by using statistics relating to lifespan and health.