Risk taking in the context of financial advice: does gender interaction matter?

Jerome Monne, Janette Rutterford and Dimitris P. Sotiropoulos

The European Journal of Finance, 2024, vol. 30, issue 3, 249-268

Abstract: This study tests a gender threat hypothesis whereby having a financial advisor of the opposite gender results in gender stereotypical risk attitudes in portfolio choice. We employ a unique dataset of 1,621 advised UK investors, combined with information on the gender of their financial advisors. Confirming the hypothesis, our results show that men advised by a woman take more risk than when advised by a man. Women advised by a man adopt a more cautious approach than when advised by a woman. When the gender threat is alleviated, that is when women are advised by women, and men are advised by men, we found no gender gap in risk-taking.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eurjfi:v:30:y:2024:i:3:p:249-268

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DOI: 10.1080/1351847X.2023.2201471

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