Decision Making Clusters in Retirement Savings: Gender Differences Dominate

Speelman, Craig; Clark-Murphy, Marilyn; Gerrans, Paul

doi:10.1007/s10834-012-9334-z

Cited by 35 publications

(25 citation statements)

References 22 publications

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“…The odds of female members making the investment choice is 35% that of male members. This is consistent with a range of studies suggesting that women display a lower propensity to make such investment decisions (Bajtelsmit, Bernasek, and Jianakoplos 1999;Bernasek and Shwiff 2001;Speelman, Clark-Murphy, and Gerrans 2007;Clark and Strauss 2008;Koh et al 2008).…”

Section: Regression Estimationsupporting

confidence: 91%

Retirement savings investment decisions: evidence from Malaysia

Jamaludin

Gerrans

2015

Journal of the Asia Pacific Economy

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This paper investigates individual retirement savings investment choices of members of Malaysia's Employees Provident Fund (EPF). The focus is on the option available to EPF members to invest part of their savings in approved unit trusts. A survey of EPF members allows a contrast with existing empirical evidence, largely drawn from developed countries. Three significant factors are identified: perceived importance of financial advisor; financial risk tolerance and perceived plan design. Gender and marital status were also significant predictors of investing in the unit trusts, though religion and religious commitment were not significant. Several implications emerge from these findings. First, results highlight the important role of unit trust consultants in individuals' choices which in turn highlights the important role of the governing body of consultants in ensuring appropriate advice is delivered to clients. The study is relevant to the EPF as policy-maker, on the behaviour and attitudes of its members.

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Section: Regression Estimationsupporting

confidence: 91%

Retirement savings investment decisions: evidence from Malaysia

Jamaludin

Gerrans

2015

Journal of the Asia Pacific Economy

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“…Previous cluster analysis in retirement saving has combined attitudes, behavior, and demographics to identify how clusters differ in their propensity to be in a pension scheme (Gough and Sozou ) rather than using the clusters as predictors of members' activities as we do. Speelman, Clark‐Murphy, and Gerrans () identify clusters of retirement‐savings plan members with common investment‐choice behavior and validate this with demographics finding, for example, that the cluster preferring the lowest‐risk investment is entirely female.…”

mentioning

confidence: 73%

Engagement with Retirement Savings: It Is a Matter of Trust

Deetlefs¹,

Bateman²,

Dobrescu³

et al. 2018

Journal of Consumer Affairs

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People who engage with their retirement savings are more likely to opt out of unsuitable defaults. We use cluster analysis of matched survey and administrative data to identify groups of pension plan members that are alike in their attitudes toward retirement saving. We find that engaged and disengaged members segregate into groups based on their interest and trust. Group membership in turn helps predict plan engagement, as proxied by nondefault choices. Specifically, engagement is stronger among interested groups. Trust, however, has a more complex relationship with engagement, particularly as it interacts with interest. While members with low interest and high trust are less likely to engage (e.g., by not checking plan performance), less trusting members engage more (e.g., by actively choosing asset allocations). As interest and trust successfully determine group membership, and ultimately engagement, pension plan providers should address members' diverse needs and circumstances with personalized approaches.

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“…In the study of the profi le of the students that answered the questionnaire, a greater number of male students than female ones was identifi ed in groups 1 and 2, with 57.1% and 75%, respectively, which may be explained by the fact that males are more risk-tolerant than females, according to studies from Albaity and Rahman (2012) and Speelman et al (2013). For these authors, women prefer long-term investments.…”

Section: The Creations and Understandingsmentioning

confidence: 99%

Behavioral finance and games: simulations in the academic environment

Torga

Barbosa

Carrieri

et al. 2017

Rev. contab. finanç.

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The contribution from this study lies in its reflection on the factors that influence market efficiency, which requires a multidisciplinary view to analyze the intervening factors that impact results of the financial system. It also contributes by reflecting on the need for new approaches for training professionals who will go on to work in financial and related areas and preparing them by using different financial analysis techniques; by reflecting on the fact that analytical practices are influenced by social, cognitive, and emotional aspects, enabling the students to be better prepared to act in the financial market; by presenting various technical possibilities and providing more comprehensive knowledge to choose the one that best suits the object of analysis and their preferences; and by reflecting on different ways of perceiving investment opportunities and risk, which can be expanded on in other studies on the segmentation of clients according to their preferences in the investor market. The aim of this study was to analyze how social and psychological aspects influenced the decisions involved in simulated trading operations. The relevance lies in its discussion of the philosophical and epistemological position in finance, which suffers from a vision that only focuses on the rationality of means and does not explain the anomalies verified in the financial market. The study originated from the application of a company game simulating the work of stock market trading desk operators, applied in the Stock Market Operations course and using fundamental, technical, and graphical techniques. The population was intentional and made up of undergraduate and graduate students from one of the four best Brazilian federal universities. The data analysis was performed by analyzing the content of the questionnaires applied and the journal entries made during participant observation.

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Decision Making Clusters in Retirement Savings: Gender Differences Dominate

Cited by 35 publications

References 22 publications

Retirement savings investment decisions: evidence from Malaysia

Retirement savings investment decisions: evidence from Malaysia

Engagement with Retirement Savings: It Is a Matter of Trust

Behavioral finance and games: simulations in the academic environment

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