For years, financial services firms have leaned on a tired narrative to explain the gender investment gap — that women supposedly “lack confidence.”
However, new findings from eToro’s Loud Investing campaign reveal that this long-standing stereotype is not only misleading but also actively discourages women from investing.
An analysis of more than 80 UK reports and campaigns published between 2020 and 2025 found that 57% portrayed women’s confidence in investing in negative or patronising ways. Common tropes painted women as “too nervous to invest” or “too scared of losing money,” while only 21% highlighted their genuine strengths, such as patience, discipline, and a focus on long-term performance.
The research also tested how this language affects real-world attitudes. In collaboration with Appinio, eToro surveyed 2,000 UK women to assess how industry messaging shapes perceptions. When women were told they “lack confidence,” one in five said it discouraged them from investing altogether. Nearly a quarter said they felt patronised, while 17% reported feeling less motivated to invest.
eToro UK managing director Dan Moczulski said, “This constant negative framing is not harmless commentary, it’s damaging.
“You could argue it’s an unintentional act of collective self-harm by the very industry that claims to want to support women and close the gender investment gap. By recycling lazy stereotypes, we’re creating barriers instead of breaking them down. If the only people women see talking about investing are men in suits, it’s no wonder they feel the conversation isn’t for them. Role models matter. We need more women front and centre, showing that investing isn’t a closed shop – it’s something they already have the skills to succeed at.”
The stereotype also fails to reflect reality. Research from Warwick Business School and others consistently shows that women investors outperform men by almost 2% annually. This so-called “lack of confidence” is actually part of what makes women successful investors — they tend to trade less frequently, think strategically, and take a long-term approach, all of which contribute to stronger returns.
“It’s time the industry stopped telling women they’re missing some secret ‘confidence ingredient,” added Moczulski. “We don’t need women to invest like men; we need them to invest like themselves. What really sets them apart is a natural reluctance to be overconfident. Asking questions, weighing options, avoiding unnecessary risks aren’t weaknesses, but superpowers. And they’re exactly why women often deliver better returns than men.”
When the research reframed the conversation around women’s strengths, the effect was profound. Women exposed to the headline “Women investors outperform men by 4%” felt more inspired — 44% said it increased their motivation to invest, and 26% of non-investors said they wanted to learn more.
Representation remains another major obstacle. eToro’s findings show that 41% of women struggle to relate to public figures who discuss investing. Over half said those voices are mainly men, and 54% noted that most work within the finance sector.
King’s Business School senior lecturer in finance Dr Ylva Baeckström said, “Branding women as underconfident undermines women’s excellent investment abilities. Negative gender stereotypes are both powerful and destructive, contributing to the gender investment gap. Financial services and societal players, not women, need to change their narratives and invest in women.”
The gender investment gap is now estimated at £678bn — roughly the size of Switzerland’s economy, according to figures from Boring Money and eToro. To help close this gap, eToro has partnered with Lionesses legend Jill Scott MBE as the face of the Loud Investing campaign. Scott’s ethos of discipline, patience, and persistence mirrors the same traits that make many women successful investors.
Jill Scott MBE, former Lioness and eToro ambassador, said: “In football, discipline and patience are everything. You don’t win tournaments overnight, you build towards them over years. It’s the same with investing. The industry has been too quick to focus on what women supposedly lack, when the truth is our approach is a strength. I’m proud to work with eToro to show women that they already have what it takes.”
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