Women and Finance

This literature review brings together the main results of gender studies in finance. We first examine possible gender differences in financial preferences and attitudes, as well as stereotypes against women. We then discuss the consequences in terms of saving and portfolio choices, careers in the financial industry and access to leadership positions in banks and central banks. Six main results emerge: (i) surveys suggest small differences, if any, across gender in risk preferences and financial attitudes; (ii) the differences should not be seen as a mere revelation of preferences, but rather as the result of strong impregnation of stereotypes; (iii) these stereotypes are detrimental to women’s investment choices and access to credit; (iv) observed differences are sensitive to socioeconomic context, past experience, and education; (v) women have a persistent limited access to top positions in the financial industry; (vi) there is no strong evidence for a specific female-style of leadership in the financial sector or for supervisory authorities. Overall, and as summarized in Figure 1, our review strongly suggests that even small differences (if any) lead to large gender inequalities, through socialization and self-fulfilling stereotypes.