Exploring the benefits and challenges of ‘ageing well in place’

Heartland Bank and Heartland Finance are pleased to announce the release of a research report prepared by RMIT University (RMIT) on the post-COVID-19 enablers and barriers to ageing well in place. This follows a study RMIT conducted with the support of Heartland Finance in Australia and Heartland Bank in New Zealand.

The RMIT report demonstrates that despite a desire by many to remain in their home as they age, older Australians and New Zealanders face various challenges to ageing well in place. As our ageing populations enter retirement; increased cost of living factors are placing a strain on the ability of older homeowners to maintain their independence and quality of life in their preferred residential environment.

Keira Billot, General Manager Retail at Heartland Bank in New Zealand, said that Heartland is invested in understanding the needs of those entering and living out their years in retirement.

“This report aims to stimulate discussion about the factors that affect the ability of people to ‘age well in place’. The research presents the challenges we need to explore further to address the needs of a rapidly ageing population and the social and wellbeing issues facing us,” said Keira.

Previous research conducted by RMIT reported that almost 90% of older Australians wish to ‘age in place’. This new report goes beyond preference and analyses the factors involved in ageing well in place across New Zealand and Australia. It includes cost of living impact factors and ageing well challenges and considerations. The report explores the benefits, risks and decisions associated with ageing in place and assesses some of the planning considerations required by individuals, government departments and agencies, and industry to support people to remain in their home.

Sharon Yardley, General Manager Reverse Mortgages at Heartland Finance in Australia, said the wellbeing of our ageing populations is an important and topical issue which cannot be overlooked.

“The significant physical, social, emotional influences and impacts varies across different demographics, locations, cultures and mental and physical ability. We’re confident that this report will provide information which supports ageing well in place.

“For the financial barriers to ageing in place, a reverse mortgage can be a good solution. As leading providers, Heartland Finance and Heartland Bank are proud to provide a solution which can help Australians and New Zealanders remain in their home, and a live a more comfortable retirement,” said Sharon.

Professor Ashton de Silva, RMIT University Professor of Economics, believes there are significant challenges ahead as our societies age.

“Looking ahead, I believe significant increases in demand for government resources are very likely. The extent to which households may have to draw more on their own resources to service their needs and wants will differ according to a number of factors, including health and location.”

Download the report directly from the SSRN website.