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Fund assortments, gender, and retirement plan participation

Fund assortments, gender, and retirement plan participation Purpose – This paper seeks to promote an understanding of gender effects on retirement plan participation as a function of fund assortment size. Design/methodology/approach – A decision simulation was conducted among 349 US adults whose task was to invest in a hypothetical 401(k) retirement plan. The number of mutual funds offered for investment was varied and the effects on the incidence and extent of participation observed. Findings – The results indicate that larger fund assortments tend to reduce participation among women, but increase it among men. Research limitations/implications – Replication in other contexts and with other data sets would be worthwhile. Practical implications – To enhance retirement plan adoption/participation, financial service firms may want to tailor such plans according to gender (and other consumer characteristics) according to the present set of findings. Originality/value – First time authors are aware that the interaction between gender and assortment size is examined. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Bank Marketing Emerald Publishing

Fund assortments, gender, and retirement plan participation

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
0265-2323
DOI
10.1108/02652321111152927
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper seeks to promote an understanding of gender effects on retirement plan participation as a function of fund assortment size. Design/methodology/approach – A decision simulation was conducted among 349 US adults whose task was to invest in a hypothetical 401(k) retirement plan. The number of mutual funds offered for investment was varied and the effects on the incidence and extent of participation observed. Findings – The results indicate that larger fund assortments tend to reduce participation among women, but increase it among men. Research limitations/implications – Replication in other contexts and with other data sets would be worthwhile. Practical implications – To enhance retirement plan adoption/participation, financial service firms may want to tailor such plans according to gender (and other consumer characteristics) according to the present set of findings. Originality/value – First time authors are aware that the interaction between gender and assortment size is examined.

Journal

International Journal of Bank MarketingEmerald Publishing

Published: Jul 26, 2011

Keywords: Retirement; Consumer; Gender; Assortment; Participation; Investor

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