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As the baby boomers age, individuals are being encouraged to take responsibility for their retirement income. Despite the importance of individual investment decisions, we know very little about what factors influence them. Having identified characteristics that are important to individual investors in shares using a conjoint analysis approach, this study uses cluster analysis and discriminant analysis to look for subgroups with differing attitudes and approaches to investment alternatives. Results suggest that four significant subgroups exist within the investor sample, each with different investment preferences and goals. The results have implications for providers of financial services and for those involved in educating individual investors.
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Clark‐Murphy et al. (2005) studied this question.
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