Gender Differences in Risk Aversion and Expected Retirement Benefits

2007-07-01articleFinancial Analysts Journal319 citationsgreen

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Financial Literacy, Pension, Retirement Analysis Financial Markets and Investment Strategies Decision-Making and Behavioral Economics

Abstract

Women are generally considered more risk averse than men. Controlling for age, income, and education, this study examined the impact of gender on the superannuation (retirement) fund risk preferences of staff in the Australian university sector. The findings suggest that women choose more conservative investment strategies than men and that lower income (which affects the amount members contribute to their superannuation funds) is the primary contributor to the lower projected retirement benefits of women. Providing members with a choice among risk levels in their retirement investments should significantly benefit male and female retirees.

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References

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