Are women more cautious than men when it comes to investing? That is the first impression one gets from reading the barometer issued by France's Autorité des marchés financiers (AMF) for International Women's Day on Sunday March 8. Some 52% of women surveyed say they hold at least one non-guaranteed investment, compared with 71% of men.
The gap is mainly explained by direct investments (stocks, crowdfunding, cryptoassets). These attract no more than 24% of women, versus 45% of men. In detail, the AMF even specifies that women's ownership rates are limited to 19% for listed shares (34% amongst men) and 5% for cryptoassets (15% amongst men).
Admittedly, the study points to a favorable trend, since in 2023 only 21% of women held direct investments. Even so, the increase (+3 points in three years) has remained limited and has not truly narrowed the gap with men.
The feeling of knowing less
According to the poll, this is partly the result of lower interest. Only 25% of women, for instance, say they are interested in shares, compared with 45% of men.
Women are also far less likely to be confident in their financial knowledge (28% versus 51% of men). Do they really know less, or is it simply a perception? To find out, the AMF also tested respondents with a few technical questions. Here, the finding is unequivocal. "Answers to the comprehension questions show that women overestimate their level of knowledge less than men," the AMF explains.
Whatever the reason, women's lower stated confidence has a direct effect on their behaviour. Some 51% say they refuse to take any risk with their money, compared with 31% of men.
And when it comes to getting informed, women are slightly more likely than men to turn to a trusted person, whether a financial adviser (43% of women versus 41% of men) or someone close to them (27% versus 24%). In contrast, they are much less likely than men to turn to artificial intelligence (9% of women versus 13% of men) and to social networks (4% versus 8%).
Should a link be drawn between this more traditional approach and the products targeted? In any case, "for women, listed shares are the investment one can expect to deliver the best performance. For men, it is rather cryptoassets," the document notes.
A sociology not to be overlooked… but certainly set to change
Of course, alongside these factors, the study also takes care to recall an important point in explaining this gender gap. Women, especially of older generations, on average have a less favorable financial situation than men. A difference that "translates into less confidence in how their economic and financial situation will evolve." That may be more than enough to explain their lower appetite for risk. The study also offers two interesting spotlights in this respect.
The first concerns CSP+ under-35s and shows that while gaps with men remain in terms of investing or accepting risk, they are smaller than in the population as a whole.
The other spotlight focuses only on people who have already invested, a group including 37% women and 63% men. Within this sub-category, the male-female gaps also appear smaller, notably because the women concerned are younger and report incomes closer to those of men (though still lower).
In a society that seeks to reduce inequalities between men and women, especially amongst younger generations, one can therefore venture a forecast: it is very likely that the main reserve of future investors in France lies on the women's side.
