“The catalyst was about mid-2024,” says Stephanie Wilks-Wiffen from eToro, an online broker. That was when she read the annual Boring Money report showing the gender investment gap had widened in the UK, with men making up almost 60% of investors.
eToro then developed its “Loud Investing” campaign to educate and empower women to invest. It is one of many recent initiatives targeting women: online brokers launching brand campaigns, producing “female finance” podcasts, or sponsoring women’s sports teams. “The more the merrier,” Wilks-Wiffen says. “If our messaging doesn’t land with someone, maybe someone else’s does.”
Women have long been underrepresented in investing. Today, men own about two thirds of stocks. Women face barriers: they generally earn less, receive less financial education, and have lower financial literacy. Historically, women were excluded from finance — in the UK they were barred from trading floors and needed a father’s or husband’s consent to open bank accounts until the mid-1970s.
Changing the narrative about women investors
“It’s a simple shift in rhetoric,” Wilks-Wiffen says. “We need to use language that celebrates women’s strengths, like patience and discipline, and create an environment where women feel comfortable.” eToro is featuring more female presenters in educational content and addressing psychological hurdles facing first-time investors.
Highlighting data on women’s capabilities also increases their appetite for investing. Industry narratives often stress women’s risk-aversion and lack of confidence. “If we treat people like stereotypes, eventually we risk them becoming the stereotype,” says Professor Ylva Baeckström, senior lecturer in finance at King’s College London. She argues there is too much focus on women’s under-confidence: “it’s over-confidence that kills performance.” Men are more likely to lose money through short-term trading and concentrated risks; when women invest, they often outperform men. A Warwick Business School study found women outperform men by 1.8 percentage points.
Women also prioritize different investments: they invest more sustainably and consider ESG factors. “Women just really think about their money in a very different way. Yet, we’re not seeing those needs being served,” says Christine Yu, co-founder of financial education company Sophia. Women are also likelier to seek financial advice at life stages such as having children, divorce, or widowhood.
Financial incentives for this shift
Online brokers have a financial interest in reaching women. “Increasing women’s investment participation is a win-win-win,” says Baeckström. The World Economic Forum estimates financial services could boost revenue by $700 billion by catering better to women. Women’s wealth is projected to grow rapidly, particularly in Asia, partly due to intergenerational wealth transfer as baby boomers pass on assets. “This is an opportunity for the financial service industry,” Baeckström says. “They need to improve services to women, because otherwise women will walk away, and they often do when they inherit wealth.”
However, this applies mainly to those already wealthy enough to invest. Stock market participation varies widely: roughly 60% of the US population claim to invest in stocks, but in Germany only about 20% and in India around 5% of households invest in stocks.
Finfluencers also target prospective female investors
Beyond brokers, financial influencers and online investing communities have risen, many targeting women. “What does that tell you? It tells you that there is a need that is not being met,” says Yu. But online financial advice carries risks: lack of accountability and regulation can expose people to misinformation and scams.
Steps towards bridging the gender investment gap
How effective are brokers’ efforts? Are women becoming more involved in the stock market? The gender investment gap is smaller among younger generations, says Leah Zimmerer, a postdoctoral researcher at the University of Mannheim. The German Stock Institute confirms this: more women started investing than men in Germany last year, though absolute numbers remain lower — 5.4 million women versus 8.7 million men.
Younger people are more receptive to online brokers. In Germany, under-40s hold the most stock market investments; in the US, JP Morgan reports stock market participation among 25-year-olds rose from 6% in 2015 to 37% in 2024. Since the Covid pandemic, eTrading apps like Robinhood, WeBull, and Fidelity saw surges in downloads as young people faced inflation, high living costs, and concerns over retirement security.
Young women still invest less than young men
Experts caution against optimistic assumptions. Young women’s higher investment rates now do not guarantee sustained engagement. The gender investment gap widens with age and peaks between 40 and 50, when women are often tied into family roles and less likely to manage finances, Zimmerer says. Later, after divorce or widowhood, the gap shrinks. It remains unclear whether Gen Z women will maintain higher investment participation or follow prior generations’ life-cycle patterns.
Baeckström is skeptical: “We can’t be comfortable in the possibility of a short-term trend becoming a long-term phenomenon. We need to make big improvements in order to level the playing field.”
Edited by: Srinivas Mazumdaru