Dash, P a ichi; Mish a, Susan a Kuma
A icle
In es men in en ions and inancial decisions o women
in es o s: A bibliome ic analysis o u u e esea ch
Global Business & Finance Re iew (GBFR)
P o ided in Coope a ion wi h:
People & Global Business Associa ion (P&GBA), Seoul
Sugges ed Ci a ion: Dash, P a ichi; Mish a, Susan a Kuma (2024) : In es men in en ions and
inancial decisions o women in es o s: A bibliome ic analysis o u u e esea ch, Global Business
& Finance Re iew (GBFR), ISSN 2384-1648, People & Global Business Associa ion (P&GBA), Seoul,
Vol. 29, Iss. 6, pp. 114-128,
h ps://doi.o g/10.17549/gb .2024.29.6.114
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I. In oduc ion
The p edominance o i a ional beha iou in ecen
decades has posed challenges o women in es o s
in making in es ing decisions (Ha inakshi & Go eas,
Recei ed: Ap . 23, 2024; Re ised: May. 9, 2024; Accep ed: May. 24, 2024
† Co esponding au ho : Susan a Kuma Mish a
E-mail: mish asusan [email protected], susan a.mish a@cu m.ac.in
2023). In es o s eel app ehensi e abou hei in es ing
decisions as hey an icipa e highe ewa ds based
on hei choices (Jindal, 2020). Rega ding his ma e
Salim and Khan, (2020) con ends ha easonable
in es men decisions encompass a di e se a ay o
ad an ages. Resea ch on inancial beha iou sugges s
ha women in es o s' inancial decision-making and
in es men in en ion abili ies play a c ucial ole in
making in es men decisions in hei e e yday li es
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128
pISSN 1088-6931 / eISSN 2384-1648∣H ps://doi.o g/10.17549/gb .2024.29.6.114
ⓒ 2024 People and Global Business Associa ion
GLOBAL BUSINESS & FINANCE REVIEW
www.gb jou nal.o g
o inancial sus ainabili y and people-cen e ed global business1)
In es men In en ions and Financial Decisions o Women In es o s:
A
Bibliome ic Analysis o Fu u e Resea ch
P a ichi Dash, Susan a Kuma Mish a†
School o Managemen , Cen u ion Uni e si y o Technology and Managemen , Ja ni, Bhubaneswa -752050, Odisha, India
A
B S T R A C T
Pu pose: Making in es men decisions has become mo e di icul o women in es o s in ecen decades due o
he p e alence o i a ional beha iou . This esea ch aims o use bibliome ic analysis o ill a gap in he cu en
li e a u e on women's in es ing aspi a ions. This analysis will o e a ho ough o e iew and sugges po en ial a eas
o u he esea ch.
Design/me hodology/app oach: This s udy conduc ed a sea ch on he Web o Science da abases o iden i y 29
publica ions published be ween 2013 and 2023. A e wa ds, his s udy used he PRISMA me hod o e alua e hese
a icles o sys ema ic e iews and me a-analyses. The VOS iewe so wa e was u ilized o conduc ing biblio-
me ic analysis.
Findings: The ou comes o his s udy shows ha women's inancial li e acy, isk beha io , and inancial planning
a e all co ela ed wi h he decisions hey make wi h hei own money. Va ious elemen s, including demog aphics,
socie y, and psychology, in luence emale in es o 's in en ion o in es .
Resea ch limi a ions/implica ions: To ensu e he accu acy and eliabili y o he indings, da a o bibliome ic
analysis was ex ac ed exclusi ely om a single da abase, namely Web o Science. Subsequen in es iga ions ha e
he po en ial o expand he sys ema ic li e a u e e iew by inco po a ing a ious da abases con aining di e se so -
wa e applica ions, as well as dis inc heo ies and me hodologies o u u e esea ch.
O iginali y/ alue: This s udy assesses he exis ing li e a u e and enhance he concep ual and social amewo k su -
ounding he in es men in en ion and inancial decision-making o women in es o s. The indings o e aluable
insigh s o i ms, inancial ins i u ions, and policy make s o a ho ough comp ehension on he in en ions o women
in es o s. This may help enhancing he inancial sec o and economy, bo h in heo y and in p ac ice.
Keywo ds: In es men in en ion, Financial decision, PRISMA, Bibliome ic s udy, Con en analysis, Women in es o
ⓒ
Copy igh : The Au ho (s). This is an Open Access jou nal dis ibu ed unde he e ms o he C ea i e Commons A ibu ion
Non-Comme cial License (h ps://c ea i ecommons.o g/licenses/by-nc/4.0/) which pe mi s un es ic ed non-comme cial use, dis ibu ion
,
and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
P a ichi Dash, Susan a Kuma Mish a
115
(I am e al., 2021). The e has been inc eased
acknowledgmen o women's empowe men in e ms o
economic ad ancemen , oppo uni ies o job c ea ion,
and educing po e y (Sha ma, 2018). Limi a ions
o con en ional li e a u e e iews include insu icien
co e age, e iewe bias, and ailu e o accoun o
di e ences in esea ch e icacy. A
sys ema ic li e a u e
e iew
is a me hodical s a egy ha ho oughly
examines and e alua es exis ing ma e ial. Sha il e
al. (2020) p esen s
sys ema ic li e a u e e iew
is a
echnique ha enables he iden i ica ion, choice, and
ho ough assessmen o p e ious s udies pe aining o
a pa icula opic h ough an o ganized and me hodical
app oach.
Sys ema ic Li e a u e Re iew
is a me iculously
s uc u ed and anspa en p ocess ha in ol es
sea ching h ough mul iple c edible da a sou ces. A
sys ema ic e iew p o ides comp ehensi e in o ma ion
on he e iew me hod, including he speci ic keywo ds
employed and he selec ed pape s, enabling o he
esea che s o duplica e and alida e he esul s. The
sys ema ic sea ch echnique allows schola s o seek
solu ions o pa icula challenges (Xiao & Wa son,
2019). Fu he mo e, his s udy included many cu ing-
edge echniques ha in eg a ed di e se me hodologies,
including bibliome ic analysis, which examines ex ensi e
scien i ic da a a an ea ly s age. Addi ionally, a ange
o heo ies and me hods we e employed o build a
plan o u he s udy.
Cu en esea ch seeks o add ess he gap in p io
esea ch by e alua ing he impac o di e en c ucial
beha iou al ac o s on he in es ing in en ions o
women in es o s. The e alua ion cen es a ound a
p ima y esea ch inqui y: which c i e ia migh an icipa e
he in en ion o in es and o make inancial decisions
among women in es o s. This s udy aims o shed
ligh on de eloping pa e ns in beha iou al inance.
This s udy seeks o disco e and delinea e he ac o s
ha in luence in es ing in en ion and inancial decision-
making among emale in es o s.
Based on p e ious schola ly wo ks, his esea ch
aims o con ibu e o he exis ing knowledge by
conduc ing a comp ehensi e and sys ema ic analysis
o he li e a u e on in es men in en ion and inancial
decision-making. Academics mus ha e a ho ough
unde s anding o he ac o s ha in luence adop ion
in en ions and ac ual usage beha iou in o de o
di ec hei u u e esea ch e o s. In o de o inc ease
he pa icipa ion o women in es o s in inancial
planning and in es ing ac ics, his s udy p o ides
p o essionals wi h conc e e sugges ions. These
sugges ions ha e been de i ed om an exhaus i e
analysis o he ac o s ha impac inancial decision-
making and in es men in en ions.
The con en o his publica ion is s uc u ed in o
mul iple sec ions. The ini ial segmen o his s udy
p o ides an in oduc ion. Sec ion wo elucida es he
me hodology, which includes he e iew p ocess
u ilizing PRISMA. Sec ion 3 succinc ly ou lines he
indings, encompassing bibliome ic and con en
analyses. Sec ion 4 explo es he a eas o limi ed
unde s anding and po en ial a eas o u he
in es iga ion. Sec ion 5 se es as he conclusion o
his e iew.
II. Me hodology
A. The Re iew P o ocol - PRISMA
The esea ch ollowed he s anda ds laid ou by
PRISMA, he P e e ed Repo ing I ems o Sys ema ic
Re iews, and Me a-analyses (Mohe e al.,2009). As
p e iously men ioned by Kin z and Co ea (2015),
he app oach aims o achie e e i ica ion, c ea es
c i e ia o inclusion and exclusion, and es ablishes
a well-de ined esea ch subjec ha allows hema ic
inqui y. These h ee bene i s a e independen o one
ano he . Following he PRISMA guidelines, he i s
s ep in conduc ing a
Sys ema ic Li e a u e Re iew
(SLR) was o de elop ele an esea ch ques ions
o he e iew. Nex , a h ee-s ep p ocess o documen
sea ching was es ablished and ca ied ou : iden i ica ion,
sc eening, and eligibili y assessmen . We concluded
by ou lining he s eps o e ie e da a o he e iew
and hen double-checking ha in o ma ion. We
conduc ed a me a-li e a u e e iew by analyzing he
chosen pape s using bo h quan i a i e (bibliome ic)
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128
116
and quali a i e (con en ) me hods. Me a-analysis is
a me hod ha in ol es analyzing mul iple s udies
o examina ions collec i ely. The use o bibliome ic
analysis o analyzing ele an s udies (me a-analysis)
is a ecen ly de eloped me hod (Zamo e e al., 2018).
This me a-analysis app oach di e s om ypical
quan i a i e analysis in ha i ocuses on he s a is ical
analysis o p e ious esea ch s udies. (Hussain &
Aziz, 2022). The e o e, i is equen ly u ilized in
con empo a y w i ing. This s udy in ol ed he use
o bibliome ic analysis pe o med wi h he VOS
iewe so wa e.
We u ilized he Web o Science (WoS), a widely
ecognized indexed da abase, o acqui e pape s on
beha iou al in es men wi hin he scope o his
e alua ion. The WoS da abase was chosen o documen
collec ion because o i s ex ensi e bibliog aphic da a
co e age and epu a ion as he mos us wo hy global
sou ce o publica ions and ci a ions. The scope o
WoS encompasses a wide ange o subjec s, including
science, echnology, medicine, social sciences, a s,
and humani ies (Bui e al., 2020).
B. Fo mula ion o Resea ch Ques ions
The esea ch opic o his s udy was o mula ed
by conside ing he popula ion, in e es , con ex , and
ou comes. This ool acili a es au ho s in o mula ing
pe inen esea ch inqui ies o a e iew. The e o e,
his s udy included h ee main elemen s in he analysis:
women in es o s (popula ion), ac o s in luencing
in es men in en ion and inancial decision-making
(in e es ), and inancial p oduc s (con ex ). Based on
hese h ee conside a ions, we o mula ed a co e
esea ch ques ion: wha a iables impac emale
in es o s' in es ing in en ions and inancial decisions?
(Lockwood e al., 2015).
C. Sys ema ic Sea ching S a egy
Me hods o conduc ing sys ema ic sea ches o en
include he ollowing h ee s ages: iden i ica ion,
sc eening, and eligibili y.
1. Iden i ica ion
Iden i ica ion is he sys ema ic explo a ion o
synonyms, analogous e ms, and o he o ms o he
p ima y keywo ds employed in he esea ch, including
in es men in en ion, inancial decision, and women
in es o s. The use o his echnology expands he
ange o da abases choices a ailable o inding
pe inen esh con en o be examined. The keywo ds
we e de i ed om Okoli's (2015) esea ch inqui y
and we e sou ced om many ou le s, such as an
online hesau us, keywo ds u ilised in p io s udies,
keywo ds ecommended by WoS, and keywo ds pu
o h by domain expe s. Be o e c ea ing a sea ch
s ing, we imp o ed he cu en keywo ds o WoS
by u ilizing "Boolean ope a o s, ph ase sea ching,
unca ion, wild ca d, and ield code ope a ions",
(Hassan e al., 2023) as desc ibed in Table 1.
A i s , a o al o 313 publica ions we e ob ained
om he WOS da abases spanning om 2013 o May
2023. Documen s om he a chi es we e culled in
an Excel ile in o de o de ec all eplica ed con en
be o e ans e ing hem o he "Mendeley" so wa e
o he pu pose o a anging he a icles.
2. Sc eening
This s udy u ilized an au oma ed c i e ion selec ion
p ocess acco ding o he da abase's so ing algo i hm
o sc een all 313 a icles. Zhu and Liu (2020) p oposed
he implemen a ion o a e iew pe iod due o he
imp ac icali y o ho oughly e iewing all p e iously
Da abase Sea ch S ings
Web o Science TS = (("in es men in en ion " OR "in es men beha iou " OR " in es men phycology" OR
"in es men decision" OR " inancial decision") AND (("women" OR "women in es o " OR " emale"
OR " emale in es o ")
Table 1. Da abase and sea ch s ings
P a ichi Dash, Susan a Kuma Mish a
117
published publica ions. The da abase sea ch disclosed
a no able inc ease in many esea ch s udies pe aining
o women's inancial decision-making p ocess a e
he yea 2000. Women in es o beha io s udies
gained popula i y in WoS da abases in 2013. As a
c i e ion o inclusion, he ime ame om 2013
o 2023 was chosen. The sea ch was es ic ed o
he pas decade o encompass he la es esea ch and
asce ain he mos up- o-da e ad ancemen s in his
cons an ly changing ield.
Rega ding he ime ame, a pe iod o 10 yea s
is adequa e o obse ing he pa e n o esea ch and
i s associa ed publica ions (Hand ana a e al., 2022).
In addi ion, we inco po a e he ph ase "women
in es o s" in o he sea ch que y. In o de o elimina e
any unce ain ies, he e iew exclusi ely inco po a ed
s udies ha u ilized ac ual da a and we e published
in he English language. A o al o 15 duplica e i ems
and 220 a icles ha did no ma ch he inclusion
c i e ia we e excluded om he sc eening p ocess
(Table 2). Subsequen ly, he emaining 78 a icles
unde wen he hi d p ocess o assessing hei
eligibili y.
3. Eligibili y
Th oughou he eligibili y phase, he collec ed
a icles we e ho oughly sc u inized o e i y ha
all he emaining a icles, ollowing he e alua ion
p ocess, me he necessa y c i e ia. The manual
inspec ion was conduc ed by sc u inizing he i les
and abs ac s o he publica ions. A o al o 24 a icles
we e emo ed because hey ocused on in es men
pe o mance a he han on he ac o s ha in luence
and de e mine in es o decision-making. The e o e,
publica ions ha lacked s a is ical da a, such as
heo e ical o e iew a icles, we e emo ed. In he
end, only 29 i ems we e used in his esea ch.
4. Da a ex ac ion
Figu e 1 was used as he basis o examining and
ex ac ing da a om he 29 inalized publica ions.
We ho oughly examined all 29 pape s, wi h a pa icula
ocus on he abs ac s and indings. We hen selec ed
and o ganized pape s ha add essed he s udy
ques ions in o a able o e ie e pe inen da a. Finally,
his s udy conduc ed a bibliome ic analysis.
C i e ia Eligibili y Exclusion
Li e a u e ype Academic publica ion ha con ains esea ch a icles
p esen ing sys ema ic analysis using empi ical da a.
Non indexed jou nals, li e a u e e iew jou nals,
book chap e s, con e ence p oceedings.
Language English Non- English
Timeline 2013-2023 No be o e 2013
Uni o an-alysis Women in es o s -
Table 2. The inclusion and exclusion c i e ia
Figu e 1. P isma low diag am
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128
118
III. Resul s and Discussion
A. Bibliome ic Analysis
1. Key wo d ne wo k analysis
Keywo ds such as women, in es ing goal, inancial
decision, isk a i ude, de e minan s, li e acy, and so
o h a e shown in Figu e 2 based on bibliome ic
analysis. The ela ionship be ween each o he key
wo ds is e lec ed in he di e en colo s, sizes, shapes,
and hicknesses o connec ing lines, which indica e
impo an hemes and sub hemes ound a e an
ex ensi e li e a u e e iew.
2. Au ho s analysis
Table 3 and Figu e 3 display he ankings o he
en au ho s wi h he highes numbe o ci a ions in
ou da ase . He e (2019) holds he highes numbe
o ci a ions, wi h a o al o 40. Hood (2014) anked
as he second mos equen ly men ioned au ho , wi h
a o al o 36 ci a ions. Ano he au ho , Maligalig
(2019) also holds eigh een ci a ions. Na h (2013),
Boo h (2013) and Kulas (2013) ecei ed he mos
signi ican numbe o ci a ions, wen y- h ee imes,
six een imes, and i een imes, espec i ely. Kappal
(2020) ecei ed a o al o Fou een ci a ions. Naiwen
(2021) has been ci ed ou een imes, while Caliendo
(2022) has also been discussed ou een imes.
3. Jou nal sou ce analysis
Table 4 displays he da ase s ha pe ain o he
pe iodicals in he ields o economics, inance,
business, and social science. Jou nal o Financial
Se ices has 36 ci a ions, he Jou nal o Business
E hics has 23 ci a ions, and he Jou nal o Business
Finance & Accoun ing has 40 ci a ions, making i
he mos ci ed Jou nal. The ollowing jou nals ha e
published he wo k: Jou nal o Ru al S udies (18
ci a ions), Economic Reco d (16 ci a ions), Leade ship
Qua e ly (15 ci a ions), Indus ia Tex ile (14 ci a ions),
Jou nal o Human Resou ces (14 ci a ions), and
Quali a i e esea ch in inancial ma ke s (14 ci a ions).
Figu e 4 ep esen s he mos -ci ed Jou nal in 2018,
he Jou nal o Ru al S udies, ollowed by he Jou nal
o Co po a e Finance & accoun ing. This yea , he
mos e e enced jou nals we e Leade ship Qua e ly,
Figu e 2. Ne wo k isualiza ion map o he keywo ds
in women in es o 's in es men in en ion
Sl. No. Au ho s Ci a ion
1 He e (2019) 40
2 Hood (2014) 36
3 Na h (2013) 23
5 Maligalig (2019) 18
6 Boo h (2013) 16
7 Kulas (2013) 15
8 Kappal (2020) 14
9 Caliendo (2022) 14
10 Li haojian (2021) 14
Table 3. Shows op 10 au ho s wi h hei ci a ions
Figu e 3. Au ho s ci a ions
w
i h
y
ea s
P a ichi Dash, Susan a Kuma Mish a
119
Economic Reco d, Jou nal o Business E hics, and
Jou nal o Financial Se ices. Among all jou nals
published be ween 2018 and 2020, he Jou nal o
Ru al S udies ecei ed he highes numbe o ci a ions.
E en ually, in 2020, he mos -ci ed Jou nal was
Quali a i e Resea ch in Financial Ma ke s, he mos -
ci ed Jou nal in 2022 was he Jou nal o Human
Resou ces, and he mos -ci ed Jou nal in 2021 was
Indus ia Tex ile.
4. Coun y analysis
Table 5 displays he coun y ha has made he
mos con ibu ion in ou s udy ield, based on he
numbe o ci a ions and publica ions. The Uni ed S a es
o Ame ica is he p ima y coun y ha signi ican ly
con ibu es o ou s udy. Aus alia, wi h 72 ci a ions,
is he second mos e e enced coun y, ollowed by
F ance wi h 56 ci a ions. Howe e , in e ms o
publica ion coun , Ge many (06) and India (06) hold
he second and hi d posi ions, espec i ely. In con as ,
Lebanon has he highes a io o ci a ions pe publica ion
Figu e 4. Sou ce o he da a se wi h yea
Sl. No. Jou nal Name Documen s Ci a ion
1 Jou nal o business inance & accoun ing 1 40
2 Jou nal o inancial se ices 1 36
3 Jou nal o business e hics 1 23
5 Jou nal o u al s udies 1 18
6 Economic eco d 1 16
7 Leade ship qua e ly 1 15
8 Indus ia ex ile 1 14
9 Jou nal o human esou ces 1 14
10 Quali a i e esea ch in inancial ma ke s 1 14
Table 4. Top en
j
ou nals
w
i h ci a ions
Coun y Documen s Ci a ion
USA 10 127
Aus alia 05 72
F ance 03 56
Ge many 06 53
Pakis an 06 32
England 03 26
India 06 23
Peoples China 02 16
Tu key 02 10
Table 5. Coun ies
w
i h hei publica ions and ci a ions
Figu e 5. Coun ies in di e en clus e s wi h he yea
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128
120
among he op 10 coun ies, wi h a alue o 127.
Figu e 5 shows ha ega ding no malized ci a ions
USA, Aus alia, F ance, Ge many, Pakis an, England,
India, Peoples Republic China, Malaysia and Tu key
a e he mos ci ed coun ies wi h di e en clus e s wi h
di e en colo s. o al eigh clus e s a e he e. Fi s
clus e con ains h ee coun ies (USA, Li huania, and
Pakis an). Second clus e con ains Malaysia and India.
B. Con en Analysis
Con en analysis is a s udy me hod used o gene a e
an unbiased, nume ical, and sys ema ic desc ip ion
o he con en in ac ual communica ion (Sachde a &
Lehal, 2023). Con en analysis yields da a on he
empi ical disco e ies o p io in es iga ions. Se e al
s udies ha e examined he in es men p e e ences
and in en ions o emale in es o s in ela ion o hei
inancial decision-making. Female in es o s o en
display in es men beha io ha di e ges om logical
and a ional hinking. Consequen ly, hey exhibi a
ange o aspec s and elemen s ha impac hei
in es men in en ions and inancial decision-making.
A comp ehensi e comp ehension o inancial
ma ke s is essen ial o mas e ing he skill o inancial
decision-making. The p ocess in ol es collec ing
da a, unde s anding inancial ma e s, and pe o ming
esea ch and analysis on asse s (S eelakshmi e al.,
2022). Wi hin many inancial decision-making con ex s,
males and emales employ dis inc echniques ha
do no impac hei pe o mance. These dispa i ies
should be ega ded as inhe en cha ac e is ics (Denu a
& Soeka no, 2023). Family demands and p o essional
associa ions signi ican ly in luence he in es ing
decisions made by women (Sushmi ha & Jayabal,
2023). The unequal ep esen a ion o gende s in
decision-making posi ions a he ini ial s ages o
und aising exace ba es he imbalance in unding o
emale en ep eneu s (Sha ma & Kau , 2019). Acco ding
o Falah and Asandimi a (2023), women who con ibu e
a highe income o he household a e he ones who
make signi ican inancial decisions, as opposed o
women who ea n less. Mul iple ac o s, including
socio-demog aphics, inancial li e acy, economic and
si ua ional in luences, and psychological cons uc ions,
ha e a conside able in luence on women's inancial
planning (Thomas & Bo ayo, 2014). Gende iden i y
con en ions es ic women's pa icipa ion in making
inancial decisions wi hin he household, esul ing in
a diminished in luence o hei in o ma ional con ibu ions
o amily inances (Su iansyah & Ha ian o, 2022).
This sec ion p o ides a sys ema ic e iew o he
elemen s ha impac he in es men in en ions o
women in es o s. We obse ed ha sepa a e a iables
comp ised dis inc p e-exis ing pa s ha we e e y
likely o be same. The p ima y elemen s ha impac
he inancial decisions o women in es o s can be
classi ied in o h ee ca ego ies,i.e. inancial li e acy,
pe sonal inancial planning, and isk beha io . We
consolida ed se e al elemen s, including inancial
knowledge, inancial a i ude, and inancial beha io ,
in o a uni ied e m, which we e e ed o as a singula
cons uc o inancial li e acy as men ioned in Figu e 6.
Figu e 6. Elemen s in luences he inancial decisions o
w
omen in es o s
P a ichi Dash, Susan a Kuma Mish a
121
1. Financial li e acy
Sus ainable economic g ow h equi es inancial
expe ise. Weal hie and ising na ions ha e p io i ized
his issue o a decade. Financial planning is c ucial,
bu women's inancial li e acy is o en o e looked
(Sha ma & Ko a, 2019). Women a e unawa e o
banking indus y ad ancemen s (Sab ina e al., 2020).
P o essional women spend less and in es mo e
(Su iansyah & Ha ian o, 2022). The inabili y o
unde s and basic inancial concep s hinde s inancial
decisions (Hidaya & Abdul, 2023). The inancial
a i ude is pe sonal o an in es o owa ds hei
in es men . (Salim & Khan, 2020). Al hough males
pe o m be e o ha e mo e excellen inancial
knowledge, women ha e be e inancial a i udes
(Ko i, 2019). Women a e mo e inancially s essed
han men (Kendi e al., 2021). As inancial decisions
in ol e isk, emale in es o s' isk ole ance capaci y
is low (Sha ma, 2020). Women choose income secu i y,
capi al asse p o ec ion, and low in es men isk
(Kuma & Kuma , 2020). Money a i ude signi ican ly
a ec s inancial li e acy. Financial li e acy includes
sa ing and in es ing. Abuse o c edi and loans h ea ens
inancial s abili y (Sangwan, 2020). Women a e
conse a i e budge e s, bu hei lack o inancial
unde s anding a ec s many ace s o hei inances.
Financially sa y women p e e sa ings and in es men s
o loans (Abushammala, 2022). Unde s anding wo king
women's spending, bo owing, and in es ing beha io s
is c ucial due o he global economy's g ow h and
women's inancial ma ke engagemen . Finance li e acy
changes in es men isk pe cep ions. Income mode a ed
he ela ionship o inancial moni o ing wi h inancial
knowledge, inancial beha io , and inancial a i ude
(Ndou, 2023). Female in es o s lack inancial
managemen skills and a e cau ious when s a ing
en e p ises (Mu ha and Da gad, 2016). The gende
gap in inancial li e acy is 33% due o low con idence
and 66% due o inancial igno ance (Mu hu Meena &
Yogeswa an, 2023). Women ha e a li le knowledge
abou s ocks, mu ual unds, debi , c edi , and deb
(Ajabnoo & Faisal, 2023). The da a abo e implies
ha inancial li e acy equi es inancial s abili y,
which in luence inancial decision making o women
in es o .
2. Pe sonal inancial planning
E ec i e household inancial planning is pe sonal,
and egula moni o ing and assessmen a e needed
(Thomas & Bo ayo, 2014). Unde s anding long- e m
inancial planning helps women o manage hei
money di e en ly (Asandimi a e al., 2019). S ong
inancial con idence leads women o sa e and in es
mo e and bo ow less (Jain, 2021). Women domina e
he daily budge , h ea ening sa ings and sho - e m
inances (Thomas & Bo ayo, 2014). Pe sonal inancial
planning is essen ial, especially o women, because
hey ace mo e challenging inancial decisions.
3. Risk beha io
When making in es ing decisions, women in es o s
hink s a egically abou how much isk hey a e
willing o ake. As pe he isk managemen heo y,
women s i e o a ce ain le el o isk and pa icipa e
in ac i i ies ha p o ide a a o able bene i - o-loss
a io o each ha le el (Pu ohi , 2020). The e o e,
women's isk pe cep ions a e indica i e o hei
p opensi y o in es (Lim & Qi, 2023). Acco ding
o A dhiani and Panjai an (2023), he e is much
li e a u e indica ing ha men end o ake mo e isks
wi h hei money, whe eas women a e mo e cau ious
and a oid aking isks. Acco ding o Ka imo (2023),
women who wo k a e inclined o be cau ious abou
po en ial losses bu ha e op imis ic hopes o hei
asse s. Al hough women ha e a high income, hey
lack con idence in hei in es ing decisions and ha e
a mode a e ole ance o isk (Jan, 2023). A s udy
in ol ing a luen indi idual in es o s e ealed ha
weal hy women pe cei e hemsel es o ac
conse a i ely and dis ibu e a signi ican po ion o
hei inancial holdings, in con as o men (Bha ga a
e al., 2022). Hence, he li e a u e s a ed abo e
indica es ha engaging in isky beha io is a c ucial
componen o he p ocess o making inancial
decisions.
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