|Title||Retirement Savings and Types of Investment Assets Among Near-Retirees Aged 51-64: How do women invest differently than men?|
|Year of Publication||2008|
|Academic Department||Human Development and Family Studies Department|
|Degree||Master of Science in Family, Consumer, and Human Development|
|Number of Pages||79|
|University||Utah State University|
|Keywords||Gender Differences, Investing, Portfolios, Socioeconomic factors|
The purpose of this study was to examine the financial portfolios of near-retiree women and compare their assets to near-retiree men. This study also investigated how economic and demographic factors were associated with the probability of holding aggressive assets and the level of savings. Socioeconomic variables were used to create a profile of the investment behaviors and to examine the level of savings among near-retiree women and men. Specific variables key to the study included household income, age, marital status, education, race, and self-reported health of near-retiree women and men.
The descriptive statistics indicated that overall, average levels of all asset categories for the female group were much lower than they were for the male group among near-retirees. According to the findings of this study, women tended to invest in safer assets such as CDs, savings bonds, and T-bills rather than in more aggressive assets such as stocks, business assets, and real estate assets.
The results from both the logistic regression and Ordinary least squares regression analyses indicated that gender had no statistically significant impact on the investment and savings behavior among near-retirees aged 51–64. However, household income, age, marital status, education, race, and the self-reported health status of near-retirees were all significant determinants of the investment and saving behavior among near-retirees aged 51–64. For example, near-retirees, with higher income, older, married, higher education, Whites, and in good health, were more likely to own aggressive assets and reported higher level of savings as compared to other near-retirees.
This study also explored socioeconomic factors associated with the level of savings among near-retiree women aged 51–64. The findings of this study indicated that household income, age, education, and race were significant determinants of the level of savings among near-retiree women aged 51–64. The results of the OLS regression analysis showed that women with lower income, younger, less education, and non-Whites reported lower levels of savings than did other women. Implications of the findings, limitations of the current study, and suggestions for future study were presented in the final section.