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Financial socialization and the gender investment gap

Author

Listed:
  • Niessen-Ruenzi, Alexandra
  • Mueden, Vanessa
  • Zimmerer, Leah

Abstract

Women are significantly less likely to participate in the stock market than men. We show that financial socialization plays an important role in explaining this gap. Survey data from Germany and the U.S. indicate that parents discuss financial matters less frequently with their daughters than with their sons. Women also report fewer financial role models and less exposure to peers who invest in the stock market. We find that this early-life difference in financial socialization leads to lower financial literacy and lower financial confidence of women later in life, and also explains why they are less likely to participate in the stock market than men.

Suggested Citation

  • Niessen-Ruenzi, Alexandra & Mueden, Vanessa & Zimmerer, Leah, 2025. "Financial socialization and the gender investment gap," ZEW Discussion Papers 25-063, ZEW - Leibniz Centre for European Economic Research.
    • Handle: RePEc:zbw:zewdip:333902
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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