Decision Making Clusters and Gender Issues in Retirement Savings
Society of Heterodox Economists
Faculty of Business and Law
School of Accounting, Finance and Economics
The aim of the present study is to explore gender differences in retirement savings decisions by considering the investment choice history of the members of an Australian retirement savings fund. HESTA is an industry superannuation fund for the health sector and has a high proportion of female members. We use a two-step cluster analysis to examine whether welldefined sub-groups exist in the health industry as identified by their investment choices and member demographics. Four distinct groups were found, varying mainly along gender and age lines, however there were also clear distinctions between the groups in terms of the risk of the investments they chose. Results are presented in the context of other work done by the authors with a similar sample.