A new study has revealed that 60% of women have very limited or no knowledge about crypto assets, a critical element affecting investments, while two-thirds of men have a medium and high level of understanding of crypto.
It has been reported that better overall knowledge leads to taking more risks, as men follow their investments more frequently than women and do not avoid taking more risks, the study found. A key driver behind women’s tendency to try different investment tools is lower-income and a lower level of knowledge about crypto.
However, the study, accepted by the Journal of Business, Economics, and Finance on December 24, argues that gender is a factor that affects the financial investment decisions of individuals.
Researchers Çağla Gül Şenkardeş and Ozan Akadur have discussed data obtained via a computer-aided survey conducted in Turkey to reveal gender-related behavioral and psychological differences in crypto. Şenkardeş has been working as an interdisciplinary academic researcher with a focus on technology and gender.
The reports said that being an active participant in the crypto ecosystem for over five years, she has studied the exclusion of women from the crypto industry with personal observations and specific data collected for the research.
“The male-dominated culture built within the crypto industry becomes visible in both the demographic and psychological factors that affect financial investment decisions.”
Likewise, Şenkardeş also shared her personal observations that women have a lower level of knowledge about crypto, which, among other causes, leads to a decrease in the investment ratio. But there is hope. Şenkardeş noted that there are activist platforms around the globe with the goal to increase women’s participation in the crypto industry both as traders and developers.
“I do believe together with the increasing awareness on a gender-free digital verse, the gap between the female and male crypto investors will disappear.”
As reported, current numbers need vast improvements to achieve an equal playing field. A CNBC survey found that women are still less than half as likely to invest in cryptocurrencies than men, with 16% of men investing vs. 7% of women.
Thus, the crypto industry has the potential to empower women and give them more control over their finances, Wright concluded, adding that traditional barriers between women and financial freedom are already started to crumble as mainstream adoption takes off.