Deciding how to pay for accommodation when entering residential aged care in Australia is complex. It can impact the residents’ income, savings and wealth, along with their bequest value. Many older Australians and their informal carers lack financial literacy, which increases the likelihood of making suboptimal accommodation payment decisions. This may be exacerbated by cognitive decline. This study examines how the financial literacy of informal carers impacts accommodation payment decisions made by Australians when entering residential aged care. Prof Henry Cutler will present the findings of the study and provide policy makers with recommendations on how to increase better payment decisions.
Findings:financialliteracy
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