Integrating menopausal neurocognitive and psychosocial dynamics into economic behavior: the Behavioral Finance–Menopausal Cognition (BF-MC) Model (MARiE WP2A study)

Objective: Traditional behavioral finance—which examines how cognitive biases, emotions, and context shape economic decision-making— often assumes cognitive stability, rationality, and consistent risk evaluation, based largely on male-dominated samples. Emerging evidence from the Menopause and Ageing Research in International Environments (MARIE) WP2a program, encompassing over 6,300 women across thirteen countries, suggests that the menopause transition brings about significant neurocognitive, emotional, and sociostructural changes that may influence financial decision-making processes. These influences remain under-theorized within current behavioral economics models. This study proposes a new conceptual framework—the Behavioral Finance–Menopausal Cognition (BF-MC) Model—that integrates menopause-related cognitive, psychological, and sociostructural dynamics with behavioral finance theory. Methods: A theory-building synthesis was conducted using quantitative and qualitative findings from the MARIE WP2a cohort. Menopausal symptom domains were mapped onto established behavioral finance constructs, such as risk aversion, present bias, and liquidity preference. The synthesis also explored sociostructural moderators across diverse contexts that shape these pathways. No empirical financial behavior data were analyzed in this framework. Results: The BF-MC Model identifies four interrelated domains: (1) neurocognitive regulation, (2) affective-behavioral regulation, (3) sociostructural mediation, and (4) economic adaptation and resilience. Menopausal symptom domains interact with sociocultural factors, such as employment conditions, caregiving responsibilities, and financial system design, to influence decision-making pathways. The model reframes midlife women’s financial behavior as a dynamic biopsychosocial process rather than a deficit, highlighting adaptive responses to fluctuating cognitive and emotional resources. Conclusion: The BF-MC Model provides a conceptual framework to understand how menopausal cognitive and psychosocial changes may shape financial decision-making. It highlights potential pathways and moderators that warrant empirical testing, offering a foundation for future research on gender-responsive financial behavior and policy. While the model identifies plausible mechanisms, its pathways remain theoretical and require validation with longitudinal financial data.