How do gender differences in risk involved with investment decisions differ by generation?

Author(s)	Mr. Shivam Kuber Hemchand
Country	India
Abstract	This study investigates how gender differences in financial risk-taking vary across generations, using microdata from the 2023 U.S. Survey of Consumer Finances. Drawing on behavioural finance theory, it examines both self-reported risk attitudes and actual portfolio compositions across five generational cohorts. Regression analyses reveal that while men consistently report higher willingness to take financial risks, the gender gap has narrowed substantially among younger generations, particularly Generation X and Y, before modestly reappearing in Generation Z. However, actual investment behaviour shows minimal gender-based differences, suggesting that structural and socioeconomic factors—such as income, wealth, and access to financial instruments—play a greater role in determining portfolio risk than attitudes alone. These findings contribute to the literature on gender and behavioural finance and carry important policy implications for promoting financial inclusion, equitable access to investment opportunities, and targeted financial education aimed at sustaining the narrowing of gender disparities in financial decision-making.
Keywords	Risk, Gender differences, Generational differences, Portfolio composition
Published In	Volume 7, Issue 6, November-December 2025
Published On	2025-11-13
DOI	https://doi.org/10.36948/ijfmr.2025.v07i06.60007

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