Dashboards and data transparency for a more confident retirement

BehaviourWorks Australia (BWA) is busting the academic bubble to make it easier for practitioners to adopt evidence-based decision-making into their business processes by developing interactive dashboards. Our team in the Social and Financial Portfolio is releasing their second dashboard this year, in collaboration with AustralianSuper, to help make evidence-based decision-making easier, faster and more accessible for the organisation.

With Australia’s ageing population, there has been an increasing need for sectors to better understand what makes a good retirement. Looking beyond a retiree’s financial positioning, and having enough money to live through retirement comfortably, BWA and AustralianSuper established the Retirement Confidence Index (RCI) to explore what’s really involved in shaping a ‘good retirement’. Over five annual surveys, the RCI has captured sentiments of over 5,000 Australians aged 50 years and over, which has allowed us to track changes in retirement confidence from year to year.

A dynamic, online tool has also been developed for AustralianSuper members to interactively explore how confident they currently feel about retirement.

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But what happens to this data?

To help AustralianSuper make effective, evidence-based decisions for their members, BWA takes the five years worth of survey data in-house to analyse and report on best practice approaches AustralianSuper can take to guide their members to growing their confidence in retirement. However, the reports developed can be lengthy, time-consuming to read and incomprehensible for most industry practitioners who are inexperienced in the behaviour change process. 

With impacts of the COVID-19 pandemic shining a light on the fragility of the market, it’s become necessary to introduce new and innovative methods of communication, so our industry partners are able to quickly interpret our regularly updated reports to make sure the services they provide to their members align to the latest trends and conditions.

The Retirement Confidence Dashboard: an interactive tool for report summaries

In 2022, BehaviourWorks Australia’s Social and Financial Portfolio will release the Retirement Confidence dashboard. The dashboard aims to visualise relevant, real-time data on the most up-to-date findings extracted from the RCI, supporting AustralianSuper in improving their services to help their members successfully navigate through retirement.

BehaviourWorks Australia’s Dr Fernanda Mata, co-leading the development of the Retirement Confidence dashboard, expresses her enthusiasm for this development, “Our aim is to make it easier for AustralianSuper to quickly and easily interpret the main findings of the RCI study. This is particularly important for our work on retirement confidence, as we have years worth of audience data that isn’t necessarily accessible.”

Due to the academic and lengthy nature of these reports, only a handful of AustralianSuper associates are allocated the responsibility of reviewing the information.

“But by creating this dashboard, results of the report are made readily available, engaging and accessible, as the visual element of the dashboard makes it easy for most practitioners to be able to understand. With this, we’re giving them the independence to make their own evidence-based decisions.”

This dashboard, and others alike, can offer the industry sectors the capability to effectively and accessibly engage with scientific data - further diminishing the gap between research and practice, and helping sectors make evidence-based decisions to ensure the highest level of effectiveness for their programs.

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Authored by Malaika Jaovisidha

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