Do Men and Women Think Differently About Money? A Study On Gender and Financial Risk Perception

Purpose: The purpose of this study is to examine whether men and women differ significantly in their financial risk perception and investment planning behaviour. The study investigates the influence of financial literacy, behavioural biases, personality traits and financial risk tolerance on investment planning priority. Design/Methodology/Approach: The study adopted a quantitative, descriptive and crosssectional research design. Primary data were collected using a structured questionnaire based on a five-point Likert scale from 63 respondents aged between 20 and 60 years. Purposive sampling was used for respondent selection. Data analysis was conducted using SPSS, applying reliability analysis (Cronbach’s Alpha), descriptive statistics, independent sample t-test, Pearson correlation and multiple regression analysis. Findings: The reliability results confirm strong internal consistency of the instrument (Cronbach’s Alpha = 0.838). Independent sample t-test results indicate that there is no statistically significant difference between male and female respondents across financial risk perception, financial literacy, behavioural biases, personality traits, risk tolerance and investment planning priority (p > 0.05). Correlation analysis shows that financial literacy has a strong positive relationship with investment planning priority (r = 0.622, p < 0.001). Regression results reveal that personality traits significantly predict financial risk perception (β = 0.342, p = 0.019), while financial risk tolerance significantly predicts investment planning priority (β = 0.440, p < 0.001). Overall, the results suggest that investment planning behaviour is shaped more by psychological traits and risk tolerance rather than gender alone. 395 Practical Implications: The findings suggest that financial advisors and policymakers should avoid gender-based assumptions while designing investment products and financial literacy interventions. Instead, greater focus should be placed on strengthening financial literacy and risk tolerance capability among individuals. Originality/Value: This study contributes to behavioural finance literature by providing empirical evidence from an Indian sample and highlighting that gender differences in financial risk perception are minimal, while psychological and behavioural factors are more influential in shaping investment planning behaviour