Preference for sustainable investment: a gender perspective based on a choice experiment

Abstract

Finance has integrated sustainable investment criteria, widening options. While research shows gender differences in risk tolerance, less is known about sustainable preferences. This paper analyses this gap, surveying 1,357 Spanish investors to explore gender-differentiated preferences for sustainable investments. Results indicate return-risk remains the most important factor, though sustainability is also a significant attribute. Gender-based differences are observed: female investors show a stronger preference for low-risk, SDG-aligned investments, even at the cost of reduced returns, while male investors prioritise profitability and exhibit higher risk tolerance. These insights highlight the need for gender-sensitive strategies and tailored investment products.