The influence of gender on the choice of financial products
https://doi.org/10.35854/1998-1627-2025-5-652-663
Abstract
Aim. The work aimed to determine the gender influencing factors on the choice of financial products.
Objectives. The work seeks to study of consumer groups with characteristic differences in demand for financial products based on gender; review the groups of financial products most in demand among men and women; analyze the nature of the influence of gender on the choice and consumption of financial products.
Methods. The work employed a methodological approach that includes a review and comparative analysis of Russian and international publications; quantitative analysis of data from the All-Russian household survey on consumer finances.
Results. The work identified clusters with distinctive characteristics of demand for financial products by combining the gender factor with the age group and marital status. The study selected groups of financial products, with the demand for them having different characteristics for the clusters specified. The gender factor influence in combination with the age group and marital status on the demand for a number of financial products was analyzed.
Conclusions. The gender factor is a significant driver of demand for financial products. Gender is one of the key demographic variables that determine consumer interest in using financial market products, as well as quantitative and qualitative indicators of this demand. The nature of the gender factor influence largely depends on other social and demographic characteristics.
About the Author
Yu. A. Gordeev
Lomonosov Moscow State University
Russian Federation
Competing Interests:
Russian Federation
Yuriy A. Gordeev, postgraduate student
1 Leninskie Gory, Moscow 119991
Competing Interests:
The authors declare no conflict of interest related to the publication of this article
References
1. Lancaster L. Gender perspectives: How men and women approach investing differently. Schroder Personal Wealth Limited. Jul. 31, 2023. URL: https://www.spw.com/wealthlens/gender-perspectives-how-men-and-women-approach-investing-differently (accessed on 03.03.2025).
2. Lin L. Closing the gender investment gap: Why women typically trade less than men — and why that may be changing. Reuters. URL: https://www.reuters.com/plus/closing-thegender-investment-gap-why-women-typically-trade-less-than-men-and-why-that-may-bechanging (accessed on 03.04.2025).
3. Barber B.M., Odean T. Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics. 2001;116(1):261-292. https://doi.org/10.1162/003355301556400
4. Brockman K. Ninety one percent of women think men are better investors — here’s why that couldn’t be more wrong. Fidelity. May 15, 2023. URL: https://www.fidelity.ca/en/insights/articles/women-better-investors (accessed on 04.04.2025).
5. The global findex database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Group. URL: https://www.worldbank.org/en/publication/globalfindex (accessed on 04.04.2025).
6. Chen S., Doerr S., Frost J., Gambacorta L., Shin H.S. The fintech gender gap. BIS Working Papers. 2021;(931). URL: https://www.bis.org/publ/work931.pdf (accessed on 04.04.2025).
7. Men vs women credit trends. Experian. 2015. URL: http://www.experian.com/blogs/insights/2016/03/men-vs-women-credit-trends/ (accessed on 04.04.2025).
8. Li G. Gender-related differences in credit use and credit scores. Federal Reserve. Jun. 22, 2018. URL: https://www.federalreserve.gov/econres/notes/feds-notes/gender-related-differences-in-credit-use-and-credit-scores-20180622.html (accessed on 05.04.2025).
9. Birken E.G. Men, women, and credit cards: How history shapes views of revolving credit. Unifimoney. URL: https://www.unifimoney.com/blog/men-women-and-credit-cards-howhistory-shapes-views-of-revolving-credit (accessed on 05.04.2025).
10. Theodos B., Kalish E., McKernan S.M., Ratcliffe C. Do financial knowledge, behavior, and well-being differ by gender? Urban Institute, FIRNA Investor Education Foundation. 2014. URL: https://www.finrafoundation.org/sites/finrafoundation/files/2024-10/GenderFinances-Brief.pdf (accessed on 05.04.2025).
11. Guiso L., Sodini P. Household finance: An emerging field. In: Constantinides G.M., Harris M., Stulz R.M., eds. Handbook of the economics of finance. Vol. 2B. Amsterdam: NorthHolland; 2013:1397-1532. https://doi.org/10.1016/B978-0-44-459406-8.00021-4
12. Broker client portrait. First half of 2022. Moscow: Bank of Russia; 2022. 19 p. URL: https://www.cbr.ru/Content/Document/File/143859/Portrait_client_brok.PDF (accessed on 05.04.2025). (In Russ.).
13. Yarasheva A.V., Alikperova N.V. Gender differences in financial behavior of population. Narodonaselenie = Population. 2020;23(2):51-60. (In Russ.). https://doi.org/10.19181/population.2020.23.2.5
14. Navis K. Unpacking the gender gaps in financial inclusion. Center for Global Development. Jan. 28, 2020. URL: https://www.cgdev.org/blog/unpacking-gender-gaps-financial-inclusion (accessed on 06.04.2025).
15. Schlag C. Review: Campbell J.Y., Viceira L.M. Strategic asset allocation: Portfolio choice for long-term investors. The Economic Journal. 2003;113(488):408-409.
16. Campbell J.Y. Household finance. The Journal of Finance. 2006;61(4):1553-1604. https://doi.org/10.1111/j.1540-6261.2006.00883.x
17. Mean and median income by age and sex. European Union. Eurostat. Apr. 15, 2025. URL: https://ec.europa.eu/eurostat/databrowser/view/ilc_di03__custom_11662451/default/table?lang=en (accessed on 06.04.2025).
18. All-Russian household survey on consumer finances (2013-2022). Bank of Russia. URL: https://www.cbr.ru/ec_research/vserossiyskoe-obsledovanie-domokhozyaystv-po-potrebitel-skim-finansam/ (accessed on 05.04.2025). (In Russ.).
19. Financial Lives 2020 survey: The impact of coronavirus. Key findings from the FCA’s Financial Lives 2020 survey and October 2020 COVID-19 panel survey. London: Financial Conduct Authority; 2021. 222 p. URL: https://www.fca.org.uk/publication/research/financial-lives-survey-2020.pdf (accessed on 06.04.2025).
Review
For citations:
Gordeev Yu.A. The influence of gender on the choice of financial products. Economics and Management. 2025;31(5):652-663. (In Russ.) https://doi.org/10.35854/1998-1627-2025-5-652-663
Views:
35
