How people make financial decisions when they or their loved one enters an aged care facility is the subject of a new research project.
Dr Joanne Epp, a senior research fellow at the Macquarie University Centre for the Health Economy, hopes to survey 1000 older Australians to better understand the financial decision-making process.
The aim is to design tools to help people make better decisions.
Dr Epp said that often, people make financial decisions without fully understanding their choices, not realising the wrong decision can lead to higher costs, reduced wealth and less access to extra care services.
The online survey of residents and carers will gather information on the residents and their family characteristics, financial literacy, financial habits, attitudes and motivations towards accommodation payment choice.
"Participants must either be the resident or the carer who was significantly involved with the accommodation payment decision when the resident entered the facility between 2016-2020," Dr Epp said.
"Eligible respondents must be over 18 and fluent in English."
Participants who complete the survey will be eligible to enter a draw to win one of 20 Wish eGift Cards worth $100 each.
Access the survey HERE
More information is available from the Macquarie University Centre for the Health Economy, 1800-066-465, or by emailing health.economy@mq.edu.au
