Decision Making Clusters in Retirement Savings: Preliminary Findings
AbstractThe aim of the present study was to explore whether identifiable member clusters exist in retirement savings decisions by considering the investment choice history of the members of four large Australian retirement savings funds. We used a two-step cluster analysis to examine whether well-defined sub-groups exist as identified by their investment choices and member demographics. Funds were tested individually and collectively using a range of variables. Distinct groups were found, varying along gender and age lines. There were also clear distinctions between the groups in terms of the risk of the investments they chose. Future work is discussed, including the refinement of variables selected.
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Bibliographic InfoArticle provided by Bankwest Curtin Economics Centre (BCEC), Curtin Business School in its journal Australian Journal of Labour Economics.
Volume (Year): 10 (2007)
Issue (Month): 2 (June)
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Postal: GPO Box U1987, Perth WA 6845
Web page: http://business.curtin.edu.au/research/publications/journals/ajle/
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Retirement; Retirement Policies Investment Decisions Personal finance;
Find related papers by JEL classification:
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
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- Craig Speelman & Marilyn Clark-Murphy & Paul Gerrans, 2013. "Decision Making Clusters in Retirement Savings: Gender Differences Dominate," Journal of Family and Economic Issues, Springer, vol. 34(3), pages 329-339, September.
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