Gender differences in financial behavior of population

Research Article
DOI: https://doi.org/10.19181/population.2020.23.2.5
  • Aziza V. Yarasheva Institute of Socio-Economic Studies of Population, Federal Center of Theoretical and Applied Sociology, Russian Academy of Sciences, Moscow, Russian Federation baktriana@rambler.ru ORCID ID https://orcid.org/0000-0002-6041-7700
    Elibrary Author_id 519466
    ResearchID A-9976–2017
  • Natalia V. Alikperova Institute of Socio-Economic Studies of Population, Federal Center of Theoretical and Applied Sociology, Russian Academy of Sciences; Financial University under the Government of the Russian Federation, Moscow, Russian Federation natalie_danilina@mail.ru ORCID ID https://orcid.org/0000-0002-5028-078X
    Elibrary Author_id 754213
    ResearchID S-1899–2018
Acknowledgments
The study was carried out within the framework of research under the State assignment «Analysis of the activities of the population of Russian regions in the sphere of financial behavior, dissemination of information technologies, natural and migration movement» (No. 0165–2018–0005).
How to Cite
Yarasheva A.V., Alikperova N.V. Gender differences in financial behavior of population. Population. 2020. Vol. 23. No. 2. P. 51-60. DOI: https://doi.org/10.19181/population.2020.23.2.5

Abstract

The article analyzes various studies in the field of population behavior in the financial market. Since psychological factors related to mentality, temperament, and risk-taking play an important role in implementing financial strategies, along with rational motives, women and men may behave differently. An attempt is made to answer the question: whether there are significant gender differences in financial behavior models, and whether this aspect requires a close attention of scientists who study trends and features of forming strategies of Russians when making economic decisions. A review of Russian and foreign studies aimed at investigation of gender characteristics of investment behavior and financial literacy is performed. Traditionally, in most families, men are responsible for the financial situation, they are more concerned with providing for their family, earning and multiplying money. Women, as a rule, are more concerned with the «inner» side of family life — so that everyone is fed, dressed, shod, and provided with everything necessary. Therefore, if both of them have decided to invest, the emphasis in the well-known formula «save and multiply» is made by men on the second word, and by women — on the first. As a result, women are significantly less likely to take risks and more likely to make profitable transactions. Men are more prone to take risks, for them it is not so much the result of investment that is important, as the excitement, and work in the financial markets is somewhat akin to hunting. Probably there are some primitive triggers at the level of the subconscious that are blocked by the norms of morality and etiquette in society. For women, stability is much more important, and the desire to maintain a sense of security prevails rather than a thirst for risk. The study revealed poor elaboration of this topic, lack of Russian research on gender-specific financial behavior due to the underdevelopment of the Russian financial market, as well as the lack of sufficient supply of financial instruments for further accumulation of experience in implementing their strategies by representatives of both genders.
Keywords:
financial behavior, investment strategies, gender aspect, financial literacy

Author Biographies

Aziza V. Yarasheva, Institute of Socio-Economic Studies of Population, Federal Center of Theoretical and Applied Sociology, Russian Academy of Sciences, Moscow, Russian Federation
Dr. Sc. (Econ.), Professor, Head of laboratory
Natalia V. Alikperova, Institute of Socio-Economic Studies of Population, Federal Center of Theoretical and Applied Sociology, Russian Academy of Sciences; Financial University under the Government of the Russian Federation, Moscow, Russian Federation
Cand. Sc. (Econ.), Leading Researcher, Institute of Socio-Economic Studies of Population, Federal Center of Theoretical and Applied Sociology RAS; Associate Professor, Financial University under the Government of the Russian Federation

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Article

Received: 22.03.2020

Accepted: 08.06.2020

Citation Formats
Other cite formats:

APA
Yarasheva, A. V., & Alikperova, N. V. (2020). Gender differences in financial behavior of population. Population, 23(2), 51-60. https://doi.org/10.19181/population.2020.23.2.5
Issue
Vol 23 No 2 (2020): Population
Section
QUALITY, STANDARDS AND CONDITIONS OF POPULATION LIFE