Pilot study on holistic financial and psychological care for retiring people successful

A pilot study has demonstrated that pre-retirement planning boosts advice adoption and financial literacy, with some key benefits highlighted. The South Australian study conducted by Allianz Retire+ and Macquarie University revealed that those participants who are post-work and preparing for retirement have increased levels of financial literacy, an increased likelihood of consulting a financial planner, and higher confidence in their retirement.

Data from Allianz Retire+ shows that just one in six people nearing retirement are engaging with financial advice. After the pilot, people were more willing to engage with advice, improving confidence.

The main study is across three years to track Australians over the age of 50 who are transitioning to retirement and will aim to improve the adjustment to retirement, decision-making, satisfaction and wellbeing. The model uses financial advice with career and health planning to optimise financial and psychological outcomes.

Advisers can get involved and earn CPD points