Gendered language and the domain-specific gender gaps in financial market participation

Purpose Building on social identity theory and the linguistic relativity hypothesis, this study examines whether gendered language is associated with gender gaps in financial market participation across European countries, and whether such associations vary across financial domains. Design/methodology/approach Using pooled data from four waves of the EU-wide Flash Eurobarometer survey (2011, 2016, 2022 and 2023), we analyze women’s and men’s ownership of nine financial products. We estimate mixed-effects logistic regression models with country-level random intercepts and apply multiple imputations to address missing data. Linguistic gender marking is measured using established language classifications, and robustness is assessed through extensive controls for cultural, institutional and economic factors. Findings Women are generally less likely than men to participate in financial markets. However, linguistic gender marking is not uniformly associated with larger gender gaps across products. The association is strongest and most robust for investment products, where gender gaps disadvantaging women are significantly larger in countries with gendered languages. For several other products, effects are weak, absent or context-dependent, indicating substantial heterogeneity across financial domains. Originality/value The study advances research on gender and consumer finance by showing that linguistic gender marking operates as a conditional, product-specific factor rather than a general mechanism. By distinguishing between stereotypically masculine and feminine financial domains and focusing on advanced participation measures, it provides a more nuanced understanding of how language, gender norms and financial behavior interact.