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

See all articles by Craig Speelman

Craig Speelman

Edith Cowan University

Marilyn Clark-Murphy

School of Finance and Business Economics

Paul Gerrans

The University of Western Australia - UWA Business School

Date Written: September 16, 2012

Abstract

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

Speelman, Craig and Clark-Murphy, Marilyn and Gerrans, Paul, Decision Making Clusters in Retirement Savings: Gender Differences Dominate (September 16, 2012). Journal of Family and Economic Issues, DOI 10.1007/s10834-012-9334-z. Available at SSRN: https://ssrn.com/abstract=2147525

Craig Speelman

Edith Cowan University ( email )

School of Psychology and Social Science
270 Joondalup Drive
Joondalup, 6027
Australia
61-8-6304 5724 (Phone)

Marilyn Clark-Murphy

School of Finance and Business Economics ( email )

100 Joondalup Drive
Joondalup, WA 6027
Australia

Paul Gerrans (Contact Author)

The University of Western Australia - UWA Business School ( email )

Crawley, Western Australia 6009
Australia
61 8 64882910 (Phone)

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