Bajtelsmit, V. L. & Bernasek, A. (1996). Why do women invest differently than men? Financial Counseling and Planning, 7, 1-10.
Why Do Women Invest Differently Than Men?
Vickie L. Bajtelsmit,(1) Colorado State University
Alexandra Bernasek,(2) Colorado State University
Several recent studies have found that women invest their pensions more conservatively than men
(Bajtelsmit & VanDerhei, 1996; Hinz, McCarthy & Turner, 1996) and that women are more risk
averse (Jianakoplos & Bernasek, 1996). Although these findings have serious implications for the
well-being of women in retirement, the reasons for observed gender differences are less well-defined.
This paper surveys the existing literature regarding gender differences in investment and considers the
policy implications of these differences. The authors provide a summary and organization of the
explanations for gender differences that have been offered in a variety of fields, including economics,
sociology, education and gender studies.
KEY WORDS: gender differences, individual investors, investment, pensions, risk aversion
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Glassman column in Dec. 15, 1996 issue of the Washington Post
mentioning this article.
1. Vickie Bajtelsmit, Assistant Professor, Department of Finance and Real Estate, Colorado State University, Fort Collins, CO 80523. Phone: (970) 491-0610. Fax: (970) 491-7665. E-mail: firstname.lastname@example.org
2. Alexandra Bernasek, Assistant Professor, Department of Economics, Colorado State University, Fort Collins, CO 80523. Phone: (970) 491-6856. E-mail:
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