How to use qualitative research for insights about retirement
What is qualitative research?
Qualitative research is conversation-based exploratory research. We use it to understand the deep psychological and emotional drivers of behaviour. In this post, I explain what qualitative research is and why and how to use it.
Five facts about qualitative research
- We use qualitative reseach to understand what people think and feel beyond what they say.
- Qualitative reseach methods include one-on-one interviews, in-person focus groups, online focus groups, online communities, and ethnography.
- When we conduct qualitative research we aim to understand people in-depth, within the context of their lives.
- Qualitative research projects use small samples but deliver rich insights.
- Qualitative research insights are expressed in language and visuals, not numbers.
Qualitative research goes deep
The decisions that people make for and during their retirement are based on deep social and cultural issues, including
It does this because qualitative research explores the social and cultural influences on behaviour. In contrast, survey research measures only individual behaviour. Surveys cannot reveal any of the social and cultural tensions that are such a driving force in this market.
Qualitative research reveals the deep drivers that influence retiree behaviour
Organisations who want to offer innovative products to this market need to think about retirees in new ways by asking some deep questions beyond the simple metrics of age, work status or superannuation account balance.
From the stories we have heard retirees tell, these decisions often come down to a sense of identity as independent people with social relationships.
One premise behind the new Retirement income Covenants is that superannuation trustees should help members move away from a ‘nest egg’ mentality so that they spend more in retirement. When you listen to retirees’ stories, a nest egg mentality is in many ways perfectly understandable as this is a generation that has seen its fair share of market crashes. Emotionally, a nest egg helps people maintain the independence that they have valued their whole lives up to this point. The fear can be that they will be ‘a burden’ on others if they run out of money.
Our culture places a high value on parents nurturing and protecting their children into adulthood. Because of these cultural pressures it can seem to some retirees that their primary obligation is to the children – to give them money now, and to leave a legacy for grandchildren. These are emotional decisions about a person’s sense of identity as a parent that can’t be easily countered by rational argument.
What kind of qualitative research will work best?
Based on these insights, we recommend 6 different methods that allow people to express themselves in whatever way best suits them that are able to uncover complex issues of identity and the social and cultural tensions and challenges involved. Methods that allow us to understand couple and household dynamics are also useful.
II’s best to use a mix. Different methods have different strengths.
What next?
Check out our new report on our site retireeinsightsaustralia.com.au
We are unique in that we understand the retiree market from a cultural, social and individual perspective. This is valuable and unique thinking. For more contact Sue.
We would love to hear from you, and are always happy to talk through research methods and options with you, if you are not sure what you need. Why not get in touch for a free, obligation-free, and confidential conversation.
Find out more about Susan Bell Research.