Hollywood's portrayal of the financial industry significantly reinforces gender stereotypes and may be actively contributing to the widening gender investment gap, currently estimated at £567 billion, according to the newest research commissioned by eToro.

Hollywood's “Alpha Male” Bias Widens the Gender Investment Gap

The study, conducted by Dr. Ylva Baeckström of King's Business School, employed AI-powered analysis to examine major financial films and TV series from the past 15 years, including The Wolf of Wall Street and Industry.

Men dominate the financial narrative on screen, commanding 75% of screen time and representing 64% of portrayed financial experts. The study found a complete absence of female CEOs, with women primarily cast in supporting roles as wives, assistants, or in sexualized positions.

“These on-screen depictions, while sadly unsurprising, are deeply disappointing and have a potentially disastrous impact on society,” explained Dr. Baeckström. “We all know that women earn less, invest less, yet live longer than men and therefore have an even greater need to build wealth to secure their futures.”

The research reveals a troubling pattern of gender discrimination, with 83% of discriminatory behavior directed at female characters. This figure rises to 90% when specifically related to financial expertise.

“It has been proven that what we watch on screen affects our attitudes and influences our behaviour,” added the author of the research. “The misrepresentation of finance and investing as a pursuit for ‘alpha males’ and the lack of female role models are perpetuating the gender investment gap.”

Studies show that women account for less than 10% of active investors in most European countries. Exceptions include Poland and Portugal (13%), Romania (20%), and the MENA region (18%).

Toxic Depictions

Even when women achieve prominent roles in financial narratives, they often conform to male stereotypes. The analysis shows female experts consistently rated lower in confidence and risk tolerance compared to their male counterparts, scoring 4.7 versus 4.9 in confidence and 3.8 versus 4.8 in risk tolerance.

“The entertainment industry’s portrayal of women in finance and investing is actively discouraging women with its toxic depictions,” said Lale Akoner, Global Markets Analyst at eToro. “We know that a lack of confidence and the perception that investing is too complicated hold women back from investing, yet we’re seeing films and TV series perpetuate these myths.”

Loud Investing

In response to these findings, eToro has launched its “Loud Investing” campaign in partnership with Boring Money, aiming to promote open discussions about investing and break down barriers for women entering the investment world.

“As a white, middle-aged man who works in finance, this isn’t the most comfortable of topics for me to address. Yet, that’s why it is so important,” said Dan Moczulski, UK Managing Director at eToro. “It’s too easy to dismiss these characterizations as ‘artistic license’. On-screen depictions are created to entertain, yet they have real-life consequences if we are not actively challenging the stereotypes they perpetuate.”

Today, approximately 6.9 million women are actively investing, representing a growing community of role models. As part of this mission, eToro is working to help address the gender gap in investment.

And although this is already being achieved in some countries, such as Australia, the issue remains widespread.

“Macho Marketing”

Despite possessing above-average financial knowledge, many women feel they lack sufficient expertise to engage in investments. Additionally, concerns about discrimination and the prevalence of marketing aimed primarily at men discourage greater participation in financial markets.

A 2023 study conducted by Futura, part of Solaris' network supporting women in fintech , emphasized the importance of security, openness, and inclusion in shaping women's preferences for financial products. The survey, which included 221 women, revealed that only 8% are influenced by the promise of increased social status through financial services, underscoring a disconnect in the industry's marketing approach.

The study described the current advertising strategies for financial services as “macho marketing,” which fails to resonate with female audiences and often deters them. It also found that women prioritize simplicity (88%), accessibility (77%), flexibility (63%), and security (58%) when choosing financial products.