The paradox of choice: Unravelling complex superannuation decisions
Funding: 2010: $124,000
Funding or Partner Organisation: Australian Research Council (ARC Discovery Projects)
Start year: 2010
Summary: Australia has been a world-leader in retirement savings policy, but there remains a pervasive lack of understanding about how best to communicate complex financial information to decision-makers, along with a push by government for clearer disclosure and greater financial literacy. This project will inform regulators and the superannuation industry on how choices are made and how to present clearer, better-designed information to be understood by ordinary participants, thus encouraging active, well-informed participation rather than passive 'default' decisions. More efficient investment and benefit choices will improve the economic welfare of retirees, reduce the burden on the working-age population and improve fiscal sustainability.
FOR Codes: Superannuation and Insurance Services, Applied Economics