Persistent gaps, structural barriers to a more inclusive finance: analysis of the AMF Report: Women and Investment – Savings and Investment Barometer

Is investing a gendered act?

In March 2026, the Savings and Investment Barometer by the Autorité des Marchés Financiers (AMF) paints an intriguing picture:

• Only 24% of women invest directly (in stocks via securities accounts or PEAs, through crowdfunding, or in crypto-assets), compared to 45% of men;
• Just 34% of women are willing to take risks with their investments (compared to 57% of men);
• 50% of women seek information on the stock market and financial markets, compared to 73% of men.

This financial gender gap, first highlighted in 2023, is narrowing slowly, driven by women’s growing interest in the stock market and investment, as well as legislative progress and awareness campaigns.

The differences diminish once women enter the investment space. Among women and men who hold investment products, their views on investments are similar. For example, they invest equally in:

• Listed stocks (33%), investment funds (23%), or crowdfunding securities (22%).

However, disparities persist in:

• ETFs (10% for women vs. 18% for men who invest), and crypto-assets (20% vs. 33%).

Between structural economic inequalities, cultural stereotypes, and systemic barriers, gaps remain between women and men investors.

Key figures: a still glaring gender gap with notable exceptions

Women from higher socio-professional categories (CSP+) under 35 invest more than the average. 48% of them report holding at least one investment product (compared to 39% of other women), and 61% are willing to take some risk (compared to 32% of other women).

However, their financial assets remain 50% lower than those of men in the same category, a paradox that illustrates the persistence of underlying economic inequalities.

Why do women invest less?

Economic inequalities impacting investment capacity

The AMF Barometer reveals a gap in income and financial assets that disadvantages women.

• This can be explained by wage gaps, discontinuous careers (parental leave, part-time work), or less advantageous conditions, which mechanically limit their ability to save and invest.

This gap also translates into less confidence in the future of their economic and financial situation (only 28% of women are confident, compared to 39% of men), resulting in less interest in the stock market and investment.

Conversely, men are more optimistic about their financial outlook and invest more frequently than women.

Direct consequence of this mistrust in economic prospects: Women favor secure investments (savings accounts, life insurance in euro funds), whose returns may be more limited, or even refuse all risk in their investments (51% of women vs. 31% of men).

However, the initial economic situation does not fully explain this gender gap. Academic literature abounds in showing that psychological factors and socio-cultural contexts also play a significant role.

The weight of cultural stereotypes and self-censorship

In its Barometer, the AMF notes that women’s preferences, attitudes, and stated intentions differ significantly from men’s.

Women systematically underestimate their financial skills: only 28% believe they are knowledgeable about investments (compared to 51% of men), and 27% consider themselves “very poorly informed” (compared to 14% of men).

• While confidence in their knowledge differs, responses to comprehension questions mainly show less overestimation on the part of women. Only 15% of men answer all three questions correctly, despite their high confidence levels.

This self-censorship can be explained by:

• A gendered educational legacy: From adolescence, girls report being more anxious and less confident in subjects such as mathematics, physics, or engineering.
  • Consequently, they are less likely to pursue fields like math, computer science, economics, or financial markets (IGESR, 2023).
• Imposter syndrome: Women may underestimate and over-prepare their knowledge before taking action, while men may underestimate risks and act more quickly.
• A lack of female role models: Examples of “financial success” highlighted are predominantly male. With few women featured in financial media, the perceived legitimacy of women in this field may be limited.

The consequences: A vicious cycle that’s hard to break

The investment gaps between women and men are not trivial: they perpetuate a vicious cycle of economic and social inequalities.

On an individual level, women may:

• Accumulate less wealth: In the long term, their pensions are lower, and their dependence on social protection systems (minimum old-age pension, reversion pensions) is greater.
  • Older women and single women are more often beneficiaries of the minimum old-age pension in France (DREES, 2025).
• Earn less profit: By favoring safer, lower-risk investments, they generate less return over time.

On a collective level, these gaps can:

• Hinder the development of sustainable finance: Women, who manage 40% of global wealth, could be key players in the transition toward a sustainable economy. Their underrepresentation may also limit the expansion of sustainable investment.
• Reinforce stereotypes: The less women invest, the more the system perceives them as “high-risk” clients (less interested, less informed), justifying the lack of tailored products.

Focus: Is sustainable finance the missing lever to include women?

Sustainable finance could be the key to attracting more women to investment. Here’s why:

A Natural alignment with their values:
Women are more sensitive to ESG criteria (environmental, social, governance):

• 68% of women consider sustainable investments important (compared to 52% of men).
• They invest more in labeled funds (SRI, Green Bonds) when these products are offered to them.

More adapted, accessible, and educational products: Sustainable funds or ESG ETFs are often less risky and more transparent than traditional investments.

A tangible impact: Investing in sustainability allows women to give meaning to their savings:

• Supporting companies committed to ecological transition.
• Funding local or solidarity-based projects (social housing, renewable energy).
• Reducing their carbon footprint while benefiting from stable returns.

Investment has no gender, but immense potential

The gaps between women and men in investment persist in 2025. The causes—economic inequalities, cultural stereotypes, and systemic barriers—are complex, but solutions exist.

Educating oneself, diversifying investments, and demanding adapted products are all levers to reverse the trend.

Finance is not a gendered matter—it simply needs to become accessible to all, regardless of income level, age, or background

Sources :

Autorité des marchés financiers (AMF), Les femmes et l’investissement – Baromètre de l’épargne et de l’investissement 2026 de l’AMF, mars 2026.

Inspection Générale de l’éducation, du sport et de la recherche (IGESR), Égalité filles – garçons en mathématiques, N° 22-23 139A, février 2023.

Direction de la Recherche, des Études, de l’Évaluation et des Statistiques (Drees), Fiche 27. Le profil des allocataires du minimum vieillesse, Les retraités et les retraites, Édition 2025.

Photo by Karl Magnuson on Unsplash