Is psychology of money a gendered affair? A scoping review and research agenda

Abstract

AbstractThe study of gender differences in the financial domain is gaining increasing attention as evidenced by the UN 2030 Agenda for Sustainable Development. Previous research has highlighted the existence of a gender divide in many economic issues; however, there is still a lack of comprehensive understanding of the psychological aspects of money management. This systematic scoping review aims to fill this gap by outlining gender differences in money attitudes and money management practices, adopting the Scientific Procedures and Rationales for Systematic Literature Reviews protocol as methodological guideline. An extensive analytical strategy was employed on Scopus, Web of Science, PsycINFO, and EconLit to identify 100 empirical papers on the topic, published between 1972 and 2021. The analysis revealed clear differences in how men and women approach to money from a symbolic and attitudinal perspective, whereas evidence of money management practices is more complex and sometimes conflicting. Men and women hold different conceptions of money, with men often looking at it as a symbol of success and power and women holding more ambivalent attitudes toward money as both a source of anxiety and a means to ensure security and prove their love. As far as for financial behaviors studies indicate that both genders have similar approaches to savings and expenses monitoring, while financial investments are primarily pursued by men. Future directions and suggestions for private and public institutions are discussed, highlighting research advancements and implications for gender empowerment programs and customized communications.