The Effects of Activating Gender-Related Social Roles on Financial Risk-Taking.

Abstract

Previous studies observed differences between men and women in terms of their financial risk-taking. However, these differences may stem not only from the gender of the decision-maker but also from other factors, such as stereotypical gender social roles. Media content exposes both men and women to stereotypical portrayals of their gender, and this might temporarily activate thoughts related to their social roles. A question arises whether such activation might impact the way people make risky financial decisions. The present experimental study investigated whether temporarily activated gender-related social roles influence the risk-taking propensities of men and women (N = 319) in the context of gambling and investment choices. The results show that activating a stereotypically male social role (professional employee) made both men and women more prone to take financial risks relative to a control condition. Furthermore, activating a stereotypically female social role (homemaker) lowered the propensity to take financial risks in both genders for the investment domain and in women only for the gambling domain. This study contributes to the literature on gender differences in economic behavior by showing that researchers should not overlook sociocultural factors.