Decision Making Clusters in Retirement Savings: Gender Differences Dominate
Journal of Family and Economic Issues, DOI 10.1007/s10834-012-9334-z
Posted: 17 Sep 2012
Date Written: September 16, 2012
This study explored the impact of demographic factors on individuals’ investment choice decisions in retirement savings funds. Analysis found identifiable member clusters across a large and diverse sample of almost 150,000 transactions. Results suggested that gender and risk are the most dominant factors with women showing a strong tendency to make lower risk investment choices. If this behavioural tendency is not addressed through education it will accentuate the hurdles women already face in accumulating adequate saving for retirement.
Keywords: Personal finance, Consumer economics, Empirical analysis, Investment decisions, Retirement Savings
JEL Classification: E2, G2
Suggested Citation: Suggested Citation