What does this research mean for the field?

Female millennial retail investors exhibit significantly higher susceptibility to cognitive behavioral biases, particularly mental accounting, availability bias, and confirmation bias, compared to male investors. Novelty: ClaimNovelty.INCREMENTAL. Consensus alignment: ConsensusAlignment.NEUTRAL.

What question did this study set out to answer?

To investigate gender-based differences in cognitive behavioural biases and evaluate their influence on investment decision-making among millennial retail investors.

September 8, 2026Millennial Asia

Exploring Gender-based Differences in Investment Behaviour: A Study of Behavioural Biases

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Authors

MAMd Afnan AlamNorth Bengal University SSSoumitra SarkarNorth Bengal University

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Implication

Observational study reveals gender-based divergence in cognitive biases among millennial retail investors, suggesting the need for tailored financial advisory interventions.

Key Points

To investigate gender-based differences in cognitive behavioural biases and evaluate their influence on investment decision-making among millennial retail investors.
Surveyed millennial retail investors aged 30–40 years in India.
Evaluated susceptibility to availability bias, loss aversion, herding behaviour, overconfidence, mental accounting, confirmation bias, and the representativeness heuristic.
Analyzed group differences using linear discriminant analysis and binary logistic regression.
Female investors exhibited significantly greater susceptibility to cognitive biases than male investors.
Mental accounting, availability bias, and confirmation bias emerged as the strongest discriminators separating male and female investors.
Overconfidence and loss aversion showed no statistically significant differences between genders.

Cite This Study

Alam et al. (2026) studied this question.

synapsesocial.com/papers/6a9fd83b58e84d0ff5b479ae https://doi.org/10.1177/09763996261481280

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Implication

Observational study reveals gender-based divergence in cognitive biases among millennial retail investors, suggesting the need for tailored financial advisory interventions.

Exploring Gender-based Differences in Investment Behaviour: A Study of Behavioural Biases

Discussion

Member takes

Implication

Key Points

Cite This Study

Exploring Gender-based Differences in Investment Behaviour: A Study of Behavioural Biases

Discussion

Member takes

Implication

Key Points

Cite This Study

Also Consider

Also Consider