Gender and Risk-Taking in the Building of U.S. Retirement Wealth

Christos Giannikos and Efstathia D. Korkou ()
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Efstathia D. Korkou: The City University of New York (CUNY)

Atlantic Economic Journal, 2023, vol. 51, issue 4, No 3, 259-274

Abstract: Abstract The growing weight being placed on self-directed retirement accounts within the United States retirement income policy framework, and the time inconsistency challenge of individuals, particularly women, tending to under-invest in retirement savings accounts motivated the current work. Using data from the United States Federal Reserve Board’s Survey of Consumer Finances, for a period spanning from 1989 to 2019, 11 cross-sections of data, the paper investigated the role of gender in United States retirement risk-taking investment strategies of single (never married) individuals. The analysis documented increasing trends in the risk-taking of both single women and single men but recorded differences in the risk-taking profiles of the two groups, with single men taking more risk than single women in their retirement wealth building in most cross-sections, with the gender risk-taking gap dropping, nonetheless, algebraically in magnitude from 1989 to 2019.

Keywords: Gender; Sex; Retirement investment; Single-person households; Financial risk-taking; Survey of consumer finances (search for similar items in EconPapers)
JEL-codes: D81 D91 G11 J16 J26 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11293-023-09789-2

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