- 75% of screen time in finance-related films and TV series is occupied by men, with women relegated to wives, mistresses and assistants
- Women that do make it to the top display ‘alpha’ male traits 80-90% of the time
- 83% of discriminatory behaviour is conducted by men towards female characters, rising to 90% of discrimination when specifically related to financial subjects
- eToro partners with Boring Money to launch ‘Loud Investing’ campaign
On-screen depictions of finance and investing play a key role in reinforcing the stereotypes that perpetuate the gender investment gap, according to new research from Dr Ylva Baeckström of King’s Business School commissioned by trading and investing platform eToro.
Through visual and AI-powered computational text analysis, the pioneering research systematically explores the gendered portrayal of investment on screen and how this contributes to the £567 billion (and growing) gender investment gap.
A world dominated by men
The research, which analysed major films and series about finance and investing from the past 15 years – such as The Wolf of Wall Street, The Big Short and recent BBC hit Industry – quantifies how overwhelmingly male-centric their narratives are, with women sidelined as supporting characters.
Three quarters (75%) of screen time is occupied by male financial experts, who comprise 64% of the experts portrayed on screen. Almost half (47%) are CEOs, while there is not a single depiction of a female CEO. Women are portrayed as supportive or ancillary characters: wives, partners, administrative assistants, or in sexualised roles (strippers and mistresses). While over 85% of active parenting in the films and TV series is taken care of by mothers, not a single female character who is a financial expert has a child.
“These on-screen depictions, while sadly unsurprising, are deeply disappointing and have a potentially disastrous impact on society. We all know that women earn less, invest less, yet live longer than men and therefore have an even greater need to build wealth to secure their futures”, said Dr. Ylva Baeckström, Senior Lecturer in Finance at King’s Business School, who led the research.
“It has been proven that what we watch on screen affects our attitudes and influences our behaviour. The misrepresentation of finance and investing as a pursuit for ‘alpha males’ and the lack of female role models are perpetuating the gender investment gap.”
Reinforcing gender stereotypes
Where films and TV series do feature female financial experts, they tend to feed into stereotypes of women being less confident, knowledgeable and more risk-averse when it comes to making financial decisions than men.
Measuring personal characteristics on a five-point scale, the research found that male experts were more knowledgeable (4.8 vs 4.5), confident (4.9 vs 4.7) and significantly more comfortable with risk (4.8 vs 3.8) than female experts.
Characters’ visual representations also align with stereotypes. The analysis showed that the body language of female financial experts is more empathetic and expressive, and they are far more likely to adopt submissive physical postures than men. Male experts’ body language, by contrast, is more domineering and dismissive.
The majority (56%) of women ‘power dress’ with suits and heels to convey authority and confidence, while men exhibit a far wider range of styles. The effect is that men appear freer to adapt their appearance according to their personality, with women tied to an archetype within the world of finance.
Discriminatory attitudes and behaviour
The research also reveals discrimination by men towards women to be commonplace, reinforcing the perception that investing is the preserve of men.
It found that, despite the small difference in how knowledgeable and confident male characters are compared to female characters, 83% of overall discriminatory behaviour is conducted by men towards female characters, rising to 90% of discrimination when specifically related to financial subjects, such as when an individual is belittled or insulted about their financial knowledge or competence.
“We observed a slight improvement over the past 15 years, with films such as Fair Play and more recent episodes of Billions introducing stronger women in roles that highlight their capabilities, struggles and complexity”, continued Baeckström.
“Movies have the power to demonstrate the reality that investing is for everyone, regardless of gender and background. Ordinary people, including women, need to be inspired and encouraged, not excluded and disrespected.”
The need for role models to bridge the gender investment gap
“The entertainment industry’s portrayal of women in finance and investing is actively discouraging women with its toxic depictions.”, said Lale Akoner, Global Markets Analyst at eToro. “We know that a lack of confidence and the perception that investing is too complicated hold women back from investing, yet we’re seeing films and TV series perpetuate these myths.
“Long-term investing is one of the best ways to grow wealth over time. That’s why closing the gap isn’t just the right thing to do, it’s essential to building a strong and inclusive society, where women have the same opportunity to build their wealth in a way that supports their goals. There is a need for female role models both on- and off-screen to encourage us all to talk more about money and to inspire the next generation of female investors.”
eToro’s ‘Loud Investing’ campaign
“As a white, middle-aged man who works in finance this isn’t the most comfortable of topics for me to address. Yet, that’s why it is so important.” said Dan Moczulski, UK Managing Director at eToro. “It’s too easy to dismiss these characterisations as ‘artistic licence’. On-screen depictions are created to entertain, yet they have real-life consequences if we are not actively challenging the stereotypes they perpetuate.”
eToro commissioned the research as part of the launch of a new campaign – ‘Loud Investing’ – designed to promote honest discussions and demonstrate that investing can be accessible.
Today, 6.9 million women invest – that’s 6.9 million role models. eToro was founded with a simple yet powerful vision: to make investing accessible to everyone. It’s why eToro is stepping up to play its part in addressing the gender investment gap.
eToro has partnered with Boring Money to launch ‘Loud Investing’. The goal is to promote honest discussions, dispel myths, and break down the barriers to investing. The campaign calls on women who invest to have one conversation about investing with a female friend, relative or colleague, sharing their experiences and inspiring others. Because one conversation could change a financial future.
“We all have a role to play in addressing the gender investment gap.” concludes Dan Moczulski. “It might sound intimidating, but in reality what we are asking is very simple. We want you to talk. So today we’re launching our ‘Loud Investing’ campaign to encourage conversation and engagement.”
Educational material and further information about eToro’s ‘Loud Investing’ campaign can be found at etoro.com/academy/loudinvesting.
