Choice of Retirement Funds in Chile: Are Chilean Women More Risk Averse than Men?
This study examined the investment decisions of women and men in Chile who were contributing to Chile's mandatory defined contribution (DC) retirement plan, using a large survey of participants (2782 people) conducted in 2009 by Chile's Subsecretariat of Social Protection. The basic research questio...
| Published in: | Sex Roles Vol. 72; no. 1-2; pp. 50 - 68 |
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| Main Authors: | , |
| Format: | Article |
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Springer Nature
Jan2015
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| Subjects: | |
| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=100489636&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 100489636 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 03600025 SXR jtl: Sex Roles issn: 03600025 maglogo: N pubinfo: dt: Jan2015 vid: 72 iid: 1-2 pid: 237 pub: Springer Nature artinfo: ui: 100489636 10.1007/s11199-014-0439-8 ppf: 50 ppct: 18 formats: fmt: @attributes: type: P size: 435KB tig: atl: Choice of Retirement Funds in Chile: Are Chilean Women More Risk Averse than Men? aug: au: Kristjanpoller, Werner Olson, Josephine affil: Departamento de Industrias, Universidad Técnica Federico Santa María, Av. España 1680 Valparaíso Chile Joseph M. Katz Graduate School of Business, University of Pittsburgh, 308 Mervis Hall Pittsburgh 152160 USA su: Chile Gender differences (Sociology) Risk aversion Sociodemographic factors Investment of pension funds Pension trusts Defined contribution pension plans Investment policy Chile. Superintendencia de Pensiones sug: subj: Gender differences (Sociology) Risk aversion Sociodemographic factors Chile Pension Funds Non-trusteed pension funds Trusteed pension funds Investment of pension funds Pension trusts Defined contribution pension plans Investment policy Chile. Superintendencia de Pensiones keyword: Chile's retirement plan Defined Contribution Pension Plans Gender differences in risk taking Portfolio choice Chile's retirement plan Defined Contribution Pension Plans Gender differences in risk taking Portfolio choice ab: This study examined the investment decisions of women and men in Chile who were contributing to Chile's mandatory defined contribution (DC) retirement plan, using a large survey of participants (2782 people) conducted in 2009 by Chile's Subsecretariat of Social Protection. The basic research question was whether Chilean women were more risk averse in their retirement investment decisions than Chilean men. Chile's retirement plan offers a default plan for those who do not want to manage their funds. For those wishing to manage their investments, it offers five funds varying in risk from an all bond fund to a fund that is primarily stocks. There was no significant difference in the percentage of men and women choosing the default funds. We used probit analysis to determine what demographic factors affected the choice of the default fund, and found that younger people and men with less education and less income were more likely to choose the default; only age was significant for women. We found no significant gender differences in the fund choices of active investors. We conducted linear regression analysis by gender, where the dependent variable was the fund, with fund 1 having the lowest risk and fund 5 having the highest risk. We found that that the risk taking decreased with age and increased with financial knowledge, psychological risk tolerance, income and unemployment. Chilean women and men seemed similar in their investment decisions. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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