Mirco Tonin (Free University of Bozen-Bolzano)
Claudia Curi, Andreas Dibiasi and Matteo Ploner
Using data from pension funds in Italy, we identify a gender gap in pension investment choices. Our analysis reveals that although women in their twenties choose to contribute a similar proportion of their salary to their pension funds as men, they tend to select less volatile investment options that offer lower average returns. To explore the origins of this gap, we conducted a survey experiment with pension fund advisors and discovered that advisors are more likely to recommend less volatile asset allocations to women than to men. Furthermore, by examining the geographic distribution of this biased advice, we find evidence suggesting a potential link between such biased recommendations and the observed gender gap in pension investment choices.