The Victorian government today launched a new education campaign aimed at elderly people considering retirement villages. Two thirds of retirees were unsure about what was involved in signing a retirement village contract, according to a 2014 Newspoll survey on behalf of Consumer Affairs Victoria.

Victorian Minister for Consumer Affairs, Jane Garrett, said buying into a retirement village was a significant decision and warned people can face substantial costs when they leave a village. “Victorians can avoid unnecessary financial and emotional hardship by doing some research, and seeking independent financial and legal advice before buying into a retirement village," said Garrett. “Not all retirement villages are the same. It’s important to compare what each can offer and clarify specific terms and conditions. Victorian’s deserve a comfortable retirement and we’re doing all we can to ensure that.”

In 2013-14, Consumer Affairs Victoria was contacted more than 690 times for advice on retirement villages, including 71 complaints. Consumer Affairs Victoria advises Victorians considering a retirement village to see as many as possible that fit their location and financial requirements, and talk to residents about what they like and don’t like about living there. Consumer Affairs Victoria also offers a free guide to help retirees find the right retirement village.