BETA's first report

BETA's first report

Domestic Policy Behavioural Economics
Tuesday, May 16, 2017

Department of the Prime Minister and Cabinet

The Behavioural Economics Team Australia (BETA) have released their first report.

Over the last year, BETA have been working in partnership with the Treasury and five Australian superannuation funds to survey superannuants aged 45 and over.

As Professor Michael Hiscox, Director of BETA explains ‘the testing focussed on different ways of presenting the features of retirement income products – income, flexibility and risk management – as simply and clearly as possible using a range of behavioural principles’.

With more and more people moving into retirement, an increasing number of Australians will be facing the complex decision of what to do with their super savings.

‘Our study provides initial insights into how information can be presented in ways that improve comprehension and help people make choices that best suit their needs’.

The findings from the survey are a first step in building an evidence base for how superannuation trustees may be required to present the proposed new retirement income product to their members in the future.

The report can be accessed on the BETA page.