Gender Differences in Financial Advice

Tabea Bucher-Koenen, Andreas Hackethal, Johannes Koenen and Christine Laudenbach

American Economic Review, 2025, vol. 115, issue 12, 4218-52

Abstract: Based on data gathered from 27,000 real-world meetings between financial advisors and clients of a large German bank, we show that advisors offer more self-serving advice to women, while men are more likely to receive sales fee rebates and less likely to be recommended expensive in-house multi-asset (IHMA) funds. Additional client and advisor surveys provide evidence consistent with statistical discrimination based on gender as a proxy for client financial sophistication, with female clients exhibiting lower financial literacy, confidence, and price sensitivity. Moreover, female advisors report less confidence in their own professional skills and engage in less discrimination than male colleagues.

JEL-codes: D83 G21 G51 G53 J16 L84 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1257/aer.20211024

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