Gender Differences in Financial Risk Taking: The Role of Financial Literacy and Risk Tolerance

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 01 Jan 2016 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Christina E. Bannier; Milena Neubert;

doi: 10.2139/ssrn.2748589 , 10.1016/j.econlet.2016.05.033

Gender Differences in Financial Risk Taking: The Role of Financial Literacy and Risk Tolerance

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Abstract

We study financial risk taking via standard and sophisticated financial investments. Using survey data on 2,047 individuals, we find that standard investments are strongly associated with both actual and perceived financial literacy for men, but only with actual literacy for women. Sophisticated investments, in contrast, are significantly related to perceived financial literacy with an even stronger association for women than for men. Interestingly, risk tolerance does not affect women's sophisticated investments.

Related Organizations

Johannes Gutenberg University of Mainz
Germany
Justus Liebig University Giessen
Germany

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