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A recent study states that less than 1 in 10 Norwegians are willing to invest in cryptocurrencies. Men are also more likely to invest in cryptos than twice that in.
Furthermore, individuals open to crypto investment show lower levels of agreeableness and are coupled with elevated levels of openness to experience financial overconfidence.
Gender and Personality Traits Are the Leading Factors
According to PsyPost, this comprehensive study delves into the intricate relationship between gender, personality traits, and attitudes toward cryptocurrency investments.
The initial phase of the study includes 126 Scandinavian adults aged 18 to 70 recruited through the online platform Prolific. Participants were familiarized with the Big Five personality traits and were tasked with evaluating whether individuals with varying trait levels were more or less inclined to invest in cryptocurrencies.
Results show that 12.5% of males and 5.6% of females considered cryptocurrencies a relevant investment. Those displaying higher levels of financial overconfidence, lower agreeableness, lower conscientiousness, and greater openness to experience were more inclined to perceive cryptocurrencies as a feasible investment avenue.
As per Wiley, while the study offers insights into the interconnections among gender, personality, and cryptocurrency investment attitudes, it also acknowledges certain limitations.
The research, confined to a Norwegian context, prompts questions about the generalizability of findings to less gender-egalitarian nations. Additionally, the cross-sectional survey approach restricts the ability to establish causal relationships based on the results.
Crypto Investment Decision-Making
Otterbring, one of the authors, said, "It should also be noted that we used a cross-sectional survey approach, which means that we cannot draw causal inferences based on our results." The study concentrated on mean differences in personality traits, financial overconfidence, and crypto investment intentions between men and women.
Furthermore, it can be said that gender and personality traits can affect crypto investment decisions, but not to a point where they are the primary and sole factors.
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