A new survey of 4,115 retirement village residents has found that an overwhelming 84% are happy with their lifestyle, citing security, social connections, and less home maintenance as key benefits.
However, the study, conducted by the Retirement Village Residents Association (RVRA), also revealed that many residents struggle with contract complexities – particularly around exit fees and financial transparency. In fact, 63% of residents don’t fully understand how their exit fees are calculated.
State-by-State Differences
Where you live can impact your experience:
- NSW & Victoria residents reported a better understanding of their financial obligations, thanks to stronger consumer protections.
- South Australia & Western Australia residents raised more concerns about contract clarity, though new laws in these states aim to improve transparency.
Long-term residents more likely to struggle
The survey found that residents who have lived in villages for over 11 years were more likely to feel frustrated by the financial aspects of their contracts. This highlights the need for operators to better support and communicate with long-term residents.
Positive changes on the horizon
Recent reforms across multiple states have introduced:
✔ Clearer Disclosure Statements
✔ More standardized contract terms
✔ Stronger consumer protections
Advocacy groups, policymakers, and village operators are continuing to push for greater transparency and fairness, helping to ensure retirement village residents feel more confident about their financial future.