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The Roles of Gender and Marital Status on Risky Asset Allocation Decisions

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  • Bidisha Mandal
  • Michael P. Brady

Abstract

We analyze data on asset allocations in individual retirement accounts to examine the roles of marital status and gender on investment decisions. We utilize data from two birth cohorts to understand the relationship over a wide age range. We find that, in their 30s and early 40s, men are more likely to hold a majority of their funds in stocks in individual retirement accounts compared to women. The gender difference disappears around retirement age; however, a significant difference by marital status emerges in that age group. Divorced and widowed individuals are less likely to hold a majority of their funds in stocks compared to married individuals in their 60s. While there exists a positive gap in stock holdings between married men and married women in their 30s, the gender gap is nonexistent among older individuals. Using paired data on stock holdings in the older birth cohort, we show that husbands' and wives' asset allocations in individual retirement accounts are strongly correlated, coinciding with the lack of a gender gap in stock holdings among older couples.

Suggested Citation

  • Bidisha Mandal & Michael P. Brady, 2020. "The Roles of Gender and Marital Status on Risky Asset Allocation Decisions," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(1), pages 177-197, March.
    • Handle: RePEc:bla:jconsa:v:54:y:2020:i:1:p:177-197
    DOI: 10.1111/joca.12261
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    Cited by:

    1. Christos I. Giannikos & Efstathia Korkou, 2022. "Gender Differences in Risk-Taking Investment Strategies in Defined Contribution Plans," JRFM, MDPI, vol. 15(5), pages 1-18, May.

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