Title

Decision Making Clusters in Retirement Savings: Gender Differences Dominate

Document Type

Journal Article

Faculty

Faculty of Computing, Health and Science

School

School of Psychology and Social Science

RAS ID

15165

Comments

This article was originally published as: Speelman, C. P., Clark-Murphy, M. C., & Gerrans, P. A. (2012). Decision Making Clusters in Retirement Savings: Gender Differences Dominate. Journal of Family and Economic Issues, 34(3), 1-11. Original article available here

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.

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