Gender differences in youth savings and investment strategies

Abstract

The article is devoted to analysis of gender characteristics when young people build their savings and investment strategies. The authors compare the results of two own sociological studies carried out jointly by: 1) scientists of the Institute of Socio-Economic Studies of Population of the FCTAS RAS and the Financial University; 2) scientists of the Institute of Socio-Economic Studies of Population of the FCTAS RAS and the Institute of Psychology of the Russian Academy of Sciences. A number of data related to the choice of savings and investment behaviors of Russians are considered on the results of a study by the NAFI Analytical Center. In the gender context are considered such important issues for the study of financial strategies as: the need and availability of savings; ways to manage finances (first save, then spend, or vice versa); the share of income directed to savings; the goals of savings formation; the ability to build a horizon for planning one's own expenses; types and purposes of investing money. There are identified differences in the strategies of young men and women: when making savings (with constant share of savings) — a greater randomness in women, a longer planning horizon and ability to distribute their income in men; when making investments: more conservative risk-free strategies by women than by men, a much larger gender gap in choosing an investment strategy in regions compared to the capital region, as well as in the motives for investing in the stock market. Conclusions are drawn about the importance of understanding the needs of young women in formation of their savings and investment strategies for development (by financial institutions and educational organizations) of the goals to raise the level of financial literacy of this category of the population.