Trading Stocks Builds Financial Confidence and Compresses the Gender Gap
通过一项大型田野实验，让在职男女交易股票4-7周，发现交易显著提升金融信心、知识和风险承受力，尤其对女性效果更强，有助于缩小性别差距。
Abstract Many studies document low rates of financial literacy and suboptimal levels of participation in financial markets. These issues are particularly acute among women. Does this reflect a self-reinforcing trap? If so, can a nudge to participate in financial markets generate knowledge, confidence and further increase informed participation? We conduct a large field experiment that enables and incentivises working-age men and women—a challenging group to reach with standard financial training programs—to trade stocks for four to seven weeks. We provide no additional educational content. We find that trading significantly improves financial confidence, as reflected in stock market participation, objective and subjective measures of financial knowledge, and risk tolerance. These effects are especially strong among women. Participants also become more self-reliant and consult others less when making financial decisions.