Consumer retirement planning: an exploratory study of gender differences

Abstract

Purpose – Although superannuation planning has been examined within the context of individual choice, life course and cumulative advantage perspectives, little research has been contained within the theories of consumer behavior. This paper, therefore, aims to examine this important issue by delving into the perceptions of retirement planning from the perspectives of both male and female consumers.

Design/methodology/approach – A qualitative research design was adopted to gather in-depth information within a real-life context in order to build theory. In total, 21 exploratory semi-structured interviews, to assist in identifying and describing the variety of thoughts and feelings that female and male consumers hold towards financial retirement planning, were conducted.

Findings – The findings from the in-depth interviews indicate that males and females adopt different perspectives when it comes to retirement planning. Males tend to adopt an individual choice perspective, whereby it is assumed that retirement will be another stage in life which will provide for a lifestyle conducive with their current standard of living. Women, on the other hand, adopt very much a life course perspective, which makes no assumptions or predictions about future life stages, but one that views outcomes as contingent on the circumstances of one's life.

Originality/value – The value of this research lies in its methodology and analysis. Perceptions of males and females in relation to retirement planning have not before been mapped and, as such, the perpetual maps developed in the paper contribute new knowledge in relation to attitudes and behavior towards retirement financial planning.