Our banking needs change as we retire, the kids fly the nest and we finally get a chance to travel, but not every bank knows that! The Starts at 60 Big Banking Survey, supported by Westpac, is a chance for you to voice your views and needs.
Over-60s have great financial knowledge and influence. More than a third of the Starts at 60 community provide financial advice to their children and grandchildren, and more than a quarter manage their financial affairs without the help of a professional adviser. And those are serious financial affairs, including balancing income from superannuation and the Aged Pension, managing investment properties and other sizeable assets and choosing savings vehicles including term deposits.
And almost three-quarters of the Starts at 60 community are their family’s money manager – they know how to handle the purse strings!
This survey seeks to understand the types of savings goals Baby Boomers like you have later in life, how you’re funding those goals and what your savings approach is. There’s also questions about what types of banking products you use, which features best suit your needs, what sort of features you’d like to see, and how banks could better serve you and your family’s banking needs.
For example, customer research showed that 86 per cent of parents and grandparents agreed there was still a place for setting up bank accounts for children, which prompted Westpac to launch the Bump Savings account last April. Your valued feedback could influence future products – and you get the chance to win a $500 just for sharing your thoughts.
Your insight will help us understand better your thoughts about banking.
Thanks in advance,
Please note – the survey has now closed. Thank you to everyone who participated. Congratulations to our winners, Alan Barnet and Dennis Kretzschmar.