The majority (84 per cent) of retirement village residents are happy with their life today – higher than those who stayed in the family home in the last five years, according to new research from the Villages.com.au National Village Survey 2018.
Carried out by market research firm Australia Online Research (AOR) in January, the survey looked at 19,477 residents across 529 villages. It found a quarter (25 per cent) said their life has significantly improved while over half (52 per cent) said their happiness had increased.
Why is this the case?
The survey showed the main factors for buying into a retirement village are the same as they always have been – being able to downsize while physically able (63 per cent); the family home becoming difficult to manage (39 per cent); and concern about future health (36 per cent).
Retirement living ‘solves’ all of these issues – allowing you to stay living independently while removing the hassle of maintenance. There’s also the benefits of living within a community.
Room for improvement
Overall, just six per cent of residents were ‘not satisfied’ with their village experience – the same figure as you would have in a standard apartment building.
There was room for improvement however. Only half of residents said they were ‘completely’ clear on village maintenance fees with just over half (56 per cent) seeking legal advice on their village contract.
Fewer than one in five residents (17 per cent) also thought they understood the exit fees extremely well and another 37 per cent quite well. That’s still another 46 per cent unsure about what they will pay when they depart their village.
Almost half (44 per cent) of residents were also unsure about the process for complaints, with only half of those who had a complaint feeling that it was dealt with quickly and fairly.
But the villages who participated can now see where changes are needed – and make them.
Great news for current – and future – residents.
