Last week, in this blog, we reflected on how artificial intelligence is beginning to redefine not only how information is produced, but also who is involved in the process that makes it possible. In the context of 8 March, International Women’s Day, we addressed an increasingly evident issue: if technology is designed in environments that lack diversity, it runs the risk of reproducing—and even amplifying—existing gender inequalities.
In recent days, various studies have shown how some artificial intelligence systems reproduce gender patterns present in society. The latest report published by LLYC, Espejismo de Igualdad (The Illusion of Equality), reveals that certain AI models tend to suggest leadership roles or technical careers for men, while women are more often associated with profiles linked to caregiving or empathy.
This phenomenon brings back to the table a key issue for the field of communication and reputation: data matters, but so does the narrative that is built around it. Precisely along these lines is one of the most interesting conclusions of the study conducted by eToro on women and investment: Study on the profile of female investors in Spain.
When the problem is not trust, but rather the narrative
For years, the gender gap in investment has been explained with a seemingly simple argument: that women “lack confidence” to invest. This diagnosis has been repeated in reports, media analyses and public speeches until it has become almost an accepted explanation.
However, the data tells a different story. The study, based on the opinions of 1,000 women in Spain, directly challenges this narrative. According to the research, 32% of those surveyed say they are confident or very confident in their knowledge of finance and investment. The largest group—40%—falls somewhere in between, while only 8% say they have no confidence at all.
More than a widespread lack of security, which is reflected the data is a prudent and thoughtful attitude towards investment. And that difference in nuance is not insignificant.
The financial responsibility is already there.
One of the most striking findings of the study is that, in fact, women already play a central role in day-to-day financial management.
41% of women say they are solely responsible for daily household expenses. In addition, 32% are primarily responsible for family savings and investments, percentages that are much higher than those attributed to their partners.
This reality contrasts with their lesser presence in financial markets. Data from the CNMV show that only 26% of individual accounts investing in IBEX 35 securities are held by women.
The gap, therefore, does not appear to be due to a lack of ability or financial responsibility, but to more complex factors related to economic culture, public representation and the dominant narrative frameworks.
The impact of public discourse
Beyond the data, the study also analyses how they influence the messages public messages influence perception of women about investment.
The results are revealing. When respondents are presented with the idea that women lack confidence to invest, 14% say that this message directly discourages them from doing so. In addition, 28% say they feel judged, 25% feel frustrated, and 19% feel patronised.
On the contrary, when it is pointed out that female investors achieve better results than men, 51% say that this fact increases their motivation to invest. Among those who do not currently invest, one in four say that this recognition would spark their interest in learning more about investing.
It is clear that the narrative is not neutral. The way in which women’s relationship with investment is described can directly influence their participation.
Diversity and technology: a strategic imperative
However, technology alone does not guarantee more equitable outcomes. As we pointed out in our blog last week, technological systems can also reproduce existing biases if those who design and develop them do not represent the diversity of society.
Something similar is happening in the financial sector. The real imbalance lies in visibility and representation. If the future of investment is increasingly linked to technology and artificial intelligence, it is essential that women participate actively in these areas. Otherwise, there is a risk that the lack of representation will also spread to the most strategic areas of the sector.
From this perspective, diversity is not only a matter of fairness, but also a factor that improves model design, risk assessment and the resilience of financial ecosystems.
Change the narrative to change participation
Ultimately, the debate on the gender gap in investment cannot be reduced solely to technical or economic issues. It also has a cultural and narrative dimension.
While the prevailing discourse has for years emphasised women’s supposed shortcomings in relation to investment, the data suggests that this narrative is not only inaccurate, but may also be contributing to maintaining the gap.
The combination of financial education, greater visibility of role models, and new technological tools can help to redefine this scenario.
