A new study from Mannheim Business School has uncovered a significant gender imbalance in financial advertising, potentially influencing women’s confidence and engagement with financial management. The research, which analyzed print financial advertisements spanning from 1949 to 2023, found that men are featured as the central figure in 84% of ads, raising questions about the impact on women’s financial behavior.
This research highlights the importance of diversity and balanced representation in marketing, as in other forms of media, and demonstrates that marketers must consider their social responsibilities when planning campaigns.
Dr. Alexandra Niessen-Ruenzi, Professor of Finance, and Dr. Luisa Langer, a postdoctoral researcher, led the study, which examined various depictions of women in financial advertisements. Participants categorized central figures in the ads based on gender, role, age, ethnicity, and perceived authority and expertise.
The findings reveal a stark contrast in how men and women are portrayed in financial advertising. While men are often depicted in professional and authoritative roles, women are typically shown in subordinate positions with limited financial knowledge. Only 15% of female central figures are portrayed as having financial expertise, compared to 36% of male figures.
The study also highlighted racial disparities, with 74% of central figures in the ads being White. Individuals from minority ethnic backgrounds were more frequently displayed in low status and low expertise positions compared to their White counterparts.
Prof. Niessen-Ruenzi commented on the potential implications of these findings, stating, “The internalisation of gender stereotypes in financial advertising could impede women’s ability to manage finances effectively, exacerbating anxiety and ambivalence regarding financial topics.”
This research comes at a time when the financial industry is grappling with gender gaps in investment and financial literacy. Recent studies have shown that women are less likely to invest in the stock market and often report lower levels of financial confidence compared to men.
While the analysis indicates a gradual shift towards more equitable gender representation in recent years, with women increasingly portrayed in professional roles, the researchers emphasize that accurately representing both genders in financial advertising remains a crucial task for the industry and policymakers.
The study’s findings raise important questions about the role of advertising in perpetuating gender stereotypes and its potential impact on financial decision-making. As the financial sector continues to address issues of diversity and inclusion, this research underscores the need for more balanced representation in marketing materials.
The research, first published in the Social Science Research Network (SSRN), contributes to the ongoing dialogue about gender equality in finance and highlights the potential long-term effects of media representation on economic behavior.