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

Hazel Bateman and Inka Eberhardt
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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

Australian Journal of Management, 2024, vol. 49, issue 2, 119-141

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

Keywords: Information disclosure; product perceptions; retirement income products (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:49:y:2024:i:2:p:119-141

DOI: 10.1177/03128962221132720

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