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Why do females display lower financial risk propensity than males? Evidence from structural MRI and resting-state fMRI

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  • Ren, Han
  • Sun, Shiwei
  • Zhong, Zhengqiang
  • Wang, Song

Abstract

Understanding why females and males differ in financial risk-taking is important for both theory and practice. This study integrates neuroscience and behavioral data to examine how sex differences in brain structure-indexed by gray matter volume (GMV)-and brain function-indexed by resting-state functional connectivity (RSFC)-relate to financial risk propensity (FRP) among full-time employees (N = 144; 72 females, 72 males). We found that the association between FRP and GMV in the left superior parietal lobule (SPL), a region involved in emotion regulation and numerical processing, was positive in females but negative in males. Additionally, only in females was lower FRP linked to stronger RSFC between the left SPL and the right hippocampus, a region critical for future-oriented thinking and memory. We also found a significant indirect effect of FRP on the relationship between RSFC and willingness to take risks in investment and career domains for females, but not for males. These findings suggest that in females, greater neural integration of emotional control, numerical reasoning, and prospection may support more cautious financial decisions. This research offers new insights into the neural basis of sex differences in financial decision-making and carries important theoretical and practical implications.

Suggested Citation

  • Ren, Han & Sun, Shiwei & Zhong, Zhengqiang & Wang, Song, 2025. "Why do females display lower financial risk propensity than males? Evidence from structural MRI and resting-state fMRI," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
    • Handle: RePEc:eee:beexfi:v:47:y:2025:i:c:s2214635025000607
    DOI: 10.1016/j.jbef.2025.101079
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