Image: Puzzle
A multi-university team led by CEPAR Associate Investigator Professor Susan Thorp from the University of Sydney Business School, with Professor Hazel Bateman (CEPAR Chief Investigator, UNSW Business School), Associate Professor Isabella Dobrescu (CEPAR Associate Investigator, UNSW Business School), Professor Ben Newell (CEPAR Associate Investigator, UNSW Psychology) and Robbie Campo (Cbus, Group Executive Brand, Advocacy and Product), has been awarded funding in the latest round of Australian Research Council (ARC) Linkage Projects outcomes.
Project: Better communication to solve the under-saving, under-spending puzzle
This project expects to develop evidence-based communication tools that promote life-time financial security, specifically investigating the puzzling and harmful tendency of people to under-save while working and under-spend while retired. To achieve this goal, it will design and experimentally validate innovative boosts to superannuation communication including income projections and goal-setting targeted at common misconceptions and biases. It will use new structural modelling techniques to measure welfare changes. The expected outcomes are rigorous explanations for the saving-spending puzzle, and robust communication strategies for superannuation funds that will benefit workers and retirees by raising financial capability and confidence.
The amount awarded is $392,445 over 3 years.