For years, the financial services industry has fallen back on a lazy explanation for the investment gender gap: that women “lack confidence.” New research from eToro’s Loud Investing campaign shows that this narrative doesn’t just miss the point, it actively discourages women from investing.
An analysis of more than 80 UK reports and campaigns on women and investment, published by the financial services industry between 2020 and 20251, reveals just how entrenched this narrative has become. In more than half (57%), women’s investment confidence was portrayed in negative and often favorable terms. Reports relied on the same clichés, describing women as “too nervous to invest”, “not sure where to start” or “too scared of losing money”. Only one in five (21%) took a different approach, recognizing that what is often dismissed as a “lack of confidence” is not a weakness, but an asset, and highlighting strengths such as patience, discipline and a long-term focus.
The problem is that repeating this kind of language has real-world consequences. To test the impact, eToro partnered with Appinio to survey 2,000 women in the UK, split them into groups and look at the types of headlines the financial industry regularly uses. When women said they “lacked confidence”, one in five (19%) said it stopped them from investing altogether. Almost a quarter (23%) said it made them feel protected. 17% said it left them less motivated to invest.
“This constant negative context is not harmless commentary, it is damaging,” said Dan Moczulski, UK CEO at eToro. “You could argue that it’s an unintentional act of collective self-harm by the very industry that claims to want to support women and close the investment gender gap. By recycling lazy stereotypes, we’re creating barriers instead of breaking them down. If the only people seeing women talk about investing are men in suits, it’s no wonder women feel the conversation is ahead of them.” center, showing that investing isn’t a closed shop – it’s something they already have the skills to succeed at.”
The stereotype also misses the point. Multiple studies, including from Warwick Business School, show that women investors outperform men by almost 2% per year. Their so-called “lack of confidence” is part of the reason. It leads women to take a long-term view, trade less often and think carefully before making decisions – all behaviors that contribute to superior returns.
“It’s time for the industry to stop telling women that they lack some secret ‘confidence ingredient,'” Mochulski added. “We don’t need women to invest like men, we need them to invest as themselves. What really sets them apart is a natural reluctance to be overconfident. Asking questions, weighing options, avoiding unnecessary risks are not weaknesses, but superpowers. And it’s exactly why women often outperform men.”
The research explored how women react when these strengths are celebrated. When women were shown the headline “Female Investors Outperform Men by 4%,” their reaction changed. 44% said it increased their motivation to invest, and among those not currently investing, a quarter (26%) said they wanted to learn more about how to invest.
Celebrating the potential of women can’t just stop at how the industry talks to women. It must also extend to representation. According to the eToro survey, 41% of women say they do not relate to those who speak publicly about investments. More than half (53%) say they are mostly men, and 54% say they are mostly people who work in finance.
Dr Ylva Baeckström, Senior Lecturer in Finance, King’s Business School, said:
“Branding women as unconfident undermines women’s exceptional investment skills. Negative gender stereotypes are both powerful and destructive, contributing to the investment gender gap. Financial services and social actors, not women, need to change their narratives and invest in women.”
Figures from Boring Money, published in partnership with eToro, revealed that the investment gender gap now stands at £678 billion – roughly the size of the economy of Switzerland. This is the gap that Loud Investing was created to address and eToro is partnering with Lionesses legend Jill Scott MBE as the face of Loud Investing. Jill knows what it takes to succeed: discipline, patience and consistency – the same traits that make women investors strong.
Jill Scott MBE, former Lioness and eToro ambassador, said:
“In soccer, discipline and patience is everything. You don’t win tournaments overnight, you build towards them over the years. The same is true of investing. The industry has been too quick to focus on what women are supposed to lack, when the truth is that our approach is a strength. I’m proud to work with eToro to show women that they already have what needed.”