Research by Mannheim Business School in Germany says males feature as the central figure in 84 per cent of financial campaigns which could impact women’s financial confidence and management. A team analysed print financial ads from 1949 to 2023, studying the various depictions of women. Male and female participants in the study categorised people in the ads by gender, role, age and ethnicity, as well as perception of authority and expertise.
Women were found to feature far less often as central figures or experts in the ads, with men often portrayed in professional and authoritative roles. When women appear in financial ads, they are typically depicted in subordinate roles with limited knowledge of the featured financial product: 36 per cent of male central figures, while only 15 per cent of female central figures, are shown as having financial expertise. There are similar results for ethnicity.
Stereotypes
Three in four of the main figures in the ads were white. Those of minority ethnic backgrounds are more often displayed in low status and low expertise positions. Feedback from participants in the study also suggests they noticed these stereotypes. Unaware of the study’s objectives, female participants identified and expressed concerns about gender stereotypes in the ads; noting that most people were white, middle-aged men.
“The internalisation of gender stereotypes in financial ads could impede women’s ability to manage finances effectively, exacerbating anxiety and ambivalence regarding financial topics. It may influence women’s financial decisions, contributing to observed trends such as reluctance to invest in the stock market,” Professor Niessen-Ruenzi said. Analysis shows a shift towards more equitable representation, with women seen in more professional roles.
However, accurately representing men and women in financial ads remains a challenge.
