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How Fact Sheets affect retirement income product knowledge, perceptions and choices

Author

Listed:
  • Hazel Bateman

    (School of Risk and Actuarial Studies, UNSW Sydney, Sydney, NSW, Australia; ARC Centre of Excellence in Population Ageing Research (CEPAR), Kensington, NSW, Australia)

  • Inka Eberhardt

    (ARC Centre of Excellence in Population Ageing Research (CEPAR), Kensington, NSW, Australia)

Abstract

Using an online experimental survey, we test how Fact Sheets presenting standardised information on retirement income products – Average Annual Income, an Income security Product Rating, Potential Income Shape, Access to Capital, and Death Benefits – influence product knowledge, perceptions and choices from a menu of annuity, phased withdrawal and hybrid products. Product choice is significantly influenced by annual income and income security, and the annuity and hybrid annuity products are most preferred in Fact Sheet versions where income security is most salient. We find no significant differences in knowledge of Fact Sheet information by version, with Access to Capital least understood in all versions. JEL Classification: D14, D83, D91

Suggested Citation

  • Hazel Bateman & Inka Eberhardt, 2024. "How Fact Sheets affect retirement income product knowledge, perceptions and choices," Australian Journal of Management, Australian School of Business, vol. 49(2), pages 119-141, May.
    • Handle: RePEc:sae:ausman:v:49:y:2024:i:2:p:119-141
    DOI: 10.1177/03128962221132720
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    More about this item

    Keywords

    Information disclosure; product perceptions; retirement income products;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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