Gender differences in financial behavior of population

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.

Financial Literacy Institutions Of Russia

“…To this end, as part of the implementation of the strategic objectives of improving financial literacy in the Russian Federation, it is necessary to continue the work of preparing financial consultants to increase the financial literacy of the adult population on the basis of specified competencies due to changes in Russian legislation and the adoption of regulatory legal acts on ensuring national security and strategic development; identify urgent issues of development of the market of banking products and services for citizens based on digital technologies; analyze investment risks in a digital economy; tools for taxing individuals with the development of new digital services in this area; provide social insurance and insurance products for the population, including taking into account the risks of remote receipt of financial products and use of financial services; determine the legal basis for pension provision and the use of pension funds https://doi.org/10. 15405/epsbs.2021.05.02.160 Corresponding Author: Marina Rodionova Selection and peer-review under responsibility of the Organizing Committee of the conference eISSN: 2357-1330 1258 for the purchase of banking products, as well as the risks and measures to minimize high-tech fraud in the financial services market; tools for protecting the rights of consumers of financial services using blockchain technologies; to improve the mechanisms for attracting financial consultants to the annual "Weeks of Financial Literacy" and "Weeks of Savings" held by the Ministry of Finance of the Russian Federation, as well as the expediency of holding the All-Russian Forum of Financial Consultants during this period (Yarasheva, 2019).…”