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?
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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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: email@example.com
2. Alexandra Bernasek, Assistant Professor, Department of Economics, Colorado State University, Fort Collins, CO 80523. Phone: (970) 491-6856. E-mail: