From hesitation to empowerment: exploring women’s engagement in stock market investing

Purpose This study aims to investigate the persistent underrepresentation of women in equity investing by examining how socio-cultural norms, religious beliefs and digital environments shape their participation in the UK stock market. It addresses a key gap in existing research, which tends to isolate psychological factors such as risk aversion or confidence, by adopting an intersectional, role-theoretical perspective that integrates structural, cultural and technological influences. Design/methodology/approach A qualitative design was employed, using semi-structured interviews with 23 experienced female investors in the UK. Participants were recruited through purposive and snowball sampling via LinkedIn. Thematic content analysis supported by NVivo was used to identify and interpret patterns in the data. Findings The study reveals that women’s investment behaviours are shaped by a combination of financial literacy, confidence and deeply embedded gendered expectations. Role conflict emerges as a central mechanism as women negotiate traditional family responsibilities, religious norms and aspirations for financial autonomy. The findings also introduce the concept of digital ambivalence, showing that while fintech platforms expand access and reduce reliance on male gatekeepers, concerns about trust, privacy and digital literacy constrain full engagement. Practical implications The findings highlight the need for targeted interventions that go beyond generic financial literacy initiatives. Policymakers and educators should develop culturally sensitive financial education programmes, while fintech providers should prioritise trust-building features, enhanced privacy controls and user-centred platform design to better support women’s diverse needs and constraints. Originality/value This study advances the literature by extending role theory into the domain of financial behaviour and demonstrating how identity, social roles and digital infrastructures interact to shape women’s investment decisions. It conceptualises the UK as a hybrid financial context where advanced market systems coexist with enduring cultural constraints, offering insights relevant to both developed and emerging economies.