When bitcoin was introduced in 2009, revolutionising cryptocurrency, it was heralded as something that could fuel gender equality in the investment arena. However, such an impact has not materialised and men remain more likely to invest in cryptocurrencies than women.
To gain a greater understanding of cryptocurrency culture, researchers from the University of Agder (UiA) studied the investment scene in Norway, a country often regarded as advanced in gender equality. It found that 12.5 per cent of men are currently willing to invest in digital currency, compared with just 5.64 per cent of women.
In search of an explanation, the researchers considered how certain personality traits might impact the likelihood of someone investing in cryptocurrency. In a survey of around 1,500 people, men scored higher than women for ‘financial mastery’, indicating greater confidence in their ability to make financial decisions.
“Our findings indicate that women may need further persuasion or education regarding the benefits and risks of crypto before considering investing in this type of currency. This knowledge can also be crucial for those tasked with regulating financial markets and protecting vulnerable consumers,” said marketing professor at UiA School of Business and Law Ellen Katrine Nyhus, who conducted the research with colleagues at UiA and Aarhus University in Denmark.
The study’s recommendation is that companies and marketeers in the cryptocurrency space should focus more on informative and educational messages if they wish to appeal to women and start influencing traditional gender patterns and stereotypes within the financial investment industry.
This article is adapted from one that originally appeared in Business Impact magazine (Issue 1 2024, volume 19)
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