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Decision Making Clusters in Retirement Savings: Gender Differences Dominate |
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| Authors: | Craig P. Speelman Marilyn Clark-Murphy Paul Gerrans |
| Affiliation: | 1. School of Psychology & Social Science, Edith Cowan University, 270 Joondalup Drive, Joondalup, WA, 6027, Australia 2. School of Accounting, Finance & Economics, Edith Cowan University, 270 Joondalup Drive, Joondalup, WA, 6027, Australia 3. Business School, The University of Western Australia, 35 Stirling Hwy, Crawley, WA, 6009, Australia |
| 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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