Survey results Housing Decisions of Older Australians (Commission Research Paper) December 2015 Productivity Commission Productivity Commission 1
About the survey Designed jointly by the Commission and RFi Group • Sought the views of older Australians on various issues • − planning for retirement − housing preferences − downsizing − savings, debt and bequests − home equity release products Conducted online in September 2015 • Involved 1524 Australians aged 60+ • Sample quotas applied • − Sample representative of the Australian population in terms of age, gender, state and area (regional, rural and metropolitan) − Exception: 80+ population set to minimum of 100 Productivity Commission 2
Sam ple profile What is your current state/territory of residence? And in which of the following areas do you live? NT ACT 0% 2% TAS 3% SA 7% Country/Rural area 17% NSW WA 31% 10% State capital 43% QLD Metropolitan/ 21% Regional area 40% VIC 26% All Respondents (n=1524) Productivity Commission 3
Sam ple profile Do you currently...? And do you live in any of the following? 2% 1% 4% 2% 11% 18% 79% 83% Own the property in which you live None of the above Rent the property in which you live Other facility Live rent free in a property you do not own Retirement village Live in a non-private dwelling such as residential aged care Manufactured home park/Mobile home park All Respondents (n=1524) Productivity Commission 4
Living arrangem ents Do you currently? How long have you lived in your current home? 50 1% 2% 45 43% 18% 40 35 Per cent 30 25% 25 20 16% 15 10% 10 7% 79% 5 Own the property in which you live 0 Rent the property in which you live Less than 3 More than 3 More than 5 More than 10 More than 20 Live rent free in a property you do not own years years but years but years but years less than 5 less than 10 less than 20 Live in a non-private dwelling such as residential aged care years years years All Respondents (n=1524) Productivity Commission 5
Living arrangem ents And do you live in any of the following? 40 By age 35 30 19% 25 Per cent 20 14% 3% 15 11% 11% 10% 10 2% 14% 8% 3% 2% 5 3% 7% 5% 4% 2% 3% 1% 0 60–64 65–69 70–74 75–79 80+ Total Age group Retirement village Manufactured home park/Mobile home park Other facility Respondents who live in a private dwelling (n=1510) Productivity Commission 6
Living arrangem ents Who else lives in your household with you? (Multiple choice) What would you say is currently your 70 preferred living arrangement? 2% 1% 61% 8% 60 6% 50 Per cent 40 31% 30 20 83% 9% 10 Living in my own home 5% Living in a retirement village 1% 1% 0 Living in a manufactured home park/mobile My My children Parent(s) Sibling(s) Other None of the home park partner/spouse above/I live Living in a residential aged care facility alone All Respondents (n=1524) (Percentages for ‘who else lives with you’ do not sum to 100 as respondents could choose more than one option) Productivity Commission 7
Financial position What is your annual household income before tax? By age 50 45 40 35 33% 30 Per cent 26% 24% 25 20 15 10 8% 5 3% 3% 2% 1% 0 0–$20K $20K–$30K $30K–$50K $50K–$100K $100K–$125K $125K–$150K $150K–$200K $200K+ 60–64 65–69 70–74 75–79 80+ Total Respondents who answered the question (60–64: 412, 65–69: n=382, 70–74: n=273, 75–79: n=187, 80+: n=93, Total: n=1347) Productivity Commission 8
Financial position Which of the following sources of income do you have currently? 50 45 43% 39% 40 35 Per cent 30 27% 23% 25 23% 21% 20 15 13% 12% 12% 10 6% 5% 5% 5% 4% 4% 5 3% 3% 2% 2% 1% 1% 0 Age Super- Employment Other Savings Investment Other Rent Financial Carer No other Pension annuation government income from an support payment source payment investment from of income property family members Primary source of income Other sources of income All Respondents (n=1524) Productivity Commission 9
Financial position Which of the following best reflects the TOTAL value of your household savings and investments (including superannuation, but not including the value of your home)? By home ownership status 40 35 30 25 Per cent 20% 20 15 13% 12% 11% 10% 10% 10 8% 7% 6% 5 3% 0 None <$20K $20K– $50K– $100K– $200K– $300K– $500K– $1M– >$2M $50K $100K $200K $300K $500K $1M $2M Own the property in which you live Do not own the property in which you live Total Respondents who answered the question (Owners: n=992, Non-owners: n=274, Total: n=1266) Productivity Commission 1 0
Financial position What would you estimate to be the current value of your home? 25 21% 20% 20 18% Per cent 15 13% 13% 10 6% 5% 5 3% 1% 0 <$200K $200K– $300K– $400K– $500K– $750K– $1M– $1.5M– >$2M $300K $400K $500K $750K $1M $1.5M $2M Respondents who own their home and answered the question (n=1115) Productivity Commission 1 1
Financial position Do you currently have a mortgage on your own Do you expect to have paid off your mortgage by home? the time you retire? Those who own their own home Those with a mortgage and not yet retired 100 90 21% 80 70 60 Per cent 50 60% NO 42% 40 YES 58% 30 20 10 19% 0 Yes No, not anymore, it has been paid off No, never had one Respondents who own their home and answered the question (n=1029) Respondents with a mortgage and in employment (n=77) Productivity Commission 1 2
Financial position How much do you currently owe on the mortgage for your home? 40 35 34% 33% 30 25 Per cent 20 18% 15 9% 10 4% 5 2% 1% 0 <$50K $50K– $100K– $200K– $300K– $400K– >$500K $100K $200K $300K $400K $500K Respondents who have a mortgage and answered the question (n=182) Productivity Commission 1 3
Financial position Which of the following statements best describes your current financial position? By home ownership status 100 3% 6% 16% 11% 90 14% 80 26% 70 60 61% Per cent 58% 50 40 50% 30 20 26% 22% 10 9% 0 Own the property in which you live Do not own the property in which you live Total Financially comfortable, have enough money to enjoy life Financially comfortable, but have to watch what I spend Financially uncomfortable, sometimes have to go without Financially uncomfortable, struggle to get by All Respondents (Own the property in which you live: n=1203, Do not own the home in which you live: 321, Total: n=1524) Productivity Commission 1 4
Financial position Which of the following statements best describes your current financial position? By mortgage status 100 10% 7% 11% 90 16% 80 70 55% 60 58% 59% Per cent 50 68% 40 30 20 33% 30% 27% 10 9% 0 Yes No, not anymore, it has been paid off No, never had one Total Financially comfortable, have enough money to enjoy life Financially comfortable, but have to watch what I spend Financially uncomfortable, sometimes have to go without Financially uncomfortable, struggle to get by Respondents who own their home and answered the question (Have a mortgage: n=192, Paid off mortgage: n=615, Never had a mortgage: n=218, Total: n=1029) Productivity Commission 1 5
Financial position When it comes to money and finances generally would you regard yourself as? By age 100 9% 12% 10% 11% 13% 90 17% 80 70 48% 52% 49% 50% 60 50% Per cent 55% 50 40 30 35% 31% 20 34% 33% 34% 24% 10 0 60–64 65–69 70–74 75–79 80+ Total Novice Beginner Competent Proficient Expert All Respondents (60–64: n=468, 65–69: n=430, 70–74: n=316, 75–79: n=209, 80+: n=101, Total: n=1524) Productivity Commission 1 6
Financial position Do you currently use the services of a financial planner? By self-reported financial competence 100 90 80 57% 57% 70 72% 79% 60 81% 92% Per cent 50 40 30 43% 43% 20 28% 21% 10 19% 8% 0 Novice Beginner Competent Proficient Expert Total Yes No All Respondents (Novice: n=49, Beginner: n=501, Competent: n=765, Proficient: n=167, Expert: n=42, Total: n=1524) Productivity Commission 1 7
Retirem ent planning And how long do you expect to be retired for? By age 100 5% 5% 17% 20% 90 24% 80 24% 14% 16% 70 19% 60 Per cent 33% 26% 50 34% 24% 40 30 24% 21% 29% 20 24% 10 10% 9% 8% 7% 0 60–64 65–69 70+ Total Less than 5 years 5 to 10 years 10 to 15 years 15 to 20 years 20 to 25 years More than 25 years Respondents currently working and expecting to retire (60–64: n=197, 65–69: n=84, 70+: n=38, Total: n=319) Productivity Commission 1 8
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