Gender Differences in Financial Advice

• 成果类型: Article
• 署名作者: Bucher-Koenen, Tabea; Hackethal, Andreas; Koenen, Johannes; Laudenbach, Christine
• 署名单位: Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim; Goethe University Frankfurt
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282; 1944-7981
• DOI: 10.1257/aer.20211024
• 发表日期: 2025-12
• 页码: 4218-4252
• 关键词: discrimination; ECONOMICS; literacy; women

摘要

Based on data gathered from 27,000 real-world meetings between financial advisors and clients of a large German bank, we show that advisors offer more self-serving advice to women, while men are more likely to receive sales fee rebates and less likely to be recommended expensive in-house multi-asset (IHMA) funds. Additional client and advisor surveys provide evidence consistent with statistical discrimination based on gender as a proxy for client financial sophistication, with female clients exhibiting lower financial literacy, confidence, and price sensitivity. Moreover, female advisors report less confidence in their own professional skills and engage in less discrimination than male colleagues.