A Systematic Literature Review of the Evolutionary Journey of Women in Investment

Abstract

The global financial landscape is witnessing a significant paradigm shift as women increasingly transition from traditional saving roles to active investment participation. However, despite increased financial inclusion, a “participation-autonomy gap” persists, where women often remain in secondary decision-making roles within the household. This study presents a Systematic Literature Review (SLR) of 23 high-impact, peer-reviewed articles published between 2016 and 2026, identified through the Dimensions.ai database and screened using the PRISMA 2020 protocol. The research utilizes the Theory of Planned Behaviour (TPB) as a foundational framework to analyse the behavioural and sociocultural determinants of investment involvement. The synthesis reveals a three-stage evolutionary journey: (1) the Passive/Dependent Stage, characterized by high household reliance and risk aversion; (2) the Collaborative Stage, involving shared decision-making driven by rising financial literacy; and (3) the Autonomous/Active Stage, defined by independent risk assessment and strategic portfolio management. A critical finding of this review is that while financial literacy is a necessary prerequisite, it is not sufficient for full autonomy. Emotional Intelligence (EI) and Financial Self-Efficacy emerge as the primary moderators that allow women to overcome traditional subjective norms and perceived behavioural barriers. These findings provide a theoretical roadmap for researchers and offer practical insights for financial institutions to innovate gender-specific investment products that move beyond basic literacy toward psychological empowerment.

Keywords: Behavioural finance, Decision-making style, Emotional intelligence, Financial autonomy, Investment involvement, Systematic literature review, Theory of planned behaviour, Women investors.

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