Financial information needs and information-seeking behaviour in retirement village residents

Abstract

This study investigates the financial information needs and information-seeking behaviour of retirement village residents in New Zealand. Using Brenda Dervin's Sense Making theory with a contextual basis, this study used a combination of qualitative and quantitative methods (focus groups and a questionnaire) to identify the financial information needs and seeking behaviour of retirement village residents in New Zealand. Initially focus groups were conducted to determine the broad areas of financial information need and the sources used to satisfy these needs, then a closed format postal questionnaire was delivered to 155 residents in five retirement villages to determine the frequency of occurrence of these constructs in a larger group. Of the 45 retirement village residents that responded, the most common area of outstanding information need was for extra financial help available to older people. The area in which most residents had sought information in the past was related to the characteristics of the village prior to moving in. Legal or financial professionals were the most commonly cited sources of information followed by family and friends. In addition, it was found that a small proportion of respondents had someone else, usually family or friends, manage their finances on their behalf.