Researchers from CSIRO and Monash University in Melbourne will study the spending habits of retirees in an effort to understand how retirees use and manage their super in retirement.
Researchers will aim to answer questions such as how superannuation will affect the economy as it grows ever bigger, and how to provide security in retirement for all Australians.
“We’re looking to understand what retirees need, how long their super lasts and what investment options and financial products might best suit them throughout their retirement so we can figure out how their super could work smarter,” CSIRO research leader Alan Dormer said.
“For example, what level of confidence and security does superannuation provide to retirees, and how does it affect their spending behaviour throughout their retirement?
“The way you spend your super in retirement makes a big difference to the type of risk you take when selecting your investment options.”
Chief executive Michael O’Neill said he expected the research to debunk some of the super spending myths associated with older Australians.
“We expect claims that Baby Boomers are spending their super on living the high life, and then falling onto the pension, will prove unfounded,” O’Neill said.