Gender differences in financial behaviours

  • Damian Walczak Nicolaus Copernicus University in Toruń
  • Sylwia Pieńkowska-Kamieniecka University of Warmia nad Mazury in Olsztyn
Keywords: gender, financial decisions, financial behaviour, banking, risk perception


The assessment of the impact of gender on financial decision-making was based on a representative survey ‘Social Diagnosis 2015’ conducted on a sample of over 34 thousand Polish citizens. When realising the research objective, a logistic regression model was applied – both with and without interaction effects.

The study has shown that the financial behaviours of men and women differ significantly. Men more frequently use the products and services available on the financial market such as, for instance, a debit card, or invest funds in shares or bonds. They are also more willing to take risks. However, as has been shown in the study, gender is not the only important variable influencing financial decisions. Equally important are age, social and professional status, education, or place of residence. This indicates that analysing behaviours on the financial market based solely on one variable may not be appropriate.


Author Biographies

Damian Walczak, Nicolaus Copernicus University in Toruń

Department of Financial Management

Assistant Professor

Sylwia Pieńkowska-Kamieniecka, University of Warmia nad Mazury in Olsztyn

Chair of Social Policy and Insurance

Assistant Professor