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Retirement costs under the microscope

By Reporter
2 minute read

New research aims to gain a better understanding of the retirement needs.

Wealth manager AMP will be heavily involved in a new research project that aims to gain a better understanding of the retirement needs of everyday Australians.

Spear-headed by the Australian National University (ANU) the project will focus on uncovering the superannuation needs of individuals from different demographics as they head into retirement.

AMP director of savings and retirement Peter Nicholas said the core group of older Australians who will be the subject of this project is projected to more than quadruple over the next five to 10 years.
"These older Australians will have specific demands and will look to financial services businesses to have the right products, services and knowledge to meet their needs for solutions and advice," Nicholas said.

The project will start immediately with the hope that a number of insights emerge over the years for the retirement industry, he said.

The aim of the project from Nicholas' view is to not just have a study at the end of the three years but be able to access a series of learnings.

AMP will join Rice Warner Actuaries as consultants on the project in next three year.
The project has been awarded the Australian Research Council linkage grant of $270,000 which was given to ANU statisticians and demographers.