Women’s Decision-Making in High-Risk Contexts: A Meta-Analytic Review
Publish Date: 2025
Abstract: Women’s risk-taking behaviors are often stereotyped as cautious, yet emerging evidence across finance, health, entrepreneurship, leadership, and extreme sports suggests women can be highly effective risk takers. We conducted a comprehensive meta-analysis of studies (spanning several decades and multiple disciplines) comparing women’s and men’s decision-making in high-risk situations. We synthesized results from peer-reviewed literature and credible reports, encompassing diverse domains and cultural contexts. Overall, men showed a slightly higher propensity for risk-taking (aggregate Cohen’s d ~0.3 favoring males), but this gender gap was highly context-dependent and has narrowed over time . Women were found to engage in risk-taking more selectively, often after extensive information-gathering , and their measured approach frequently led to equal or superior outcomes (e.g. better investment returns, lower corporate volatility) compared to men . Domain-specific analyses revealed small to moderate gender differences in financial, health/safety, recreational, and ethical risk domains (with men scoring higher on risk propensity), but virtually no difference in social risk-taking . Heterogeneity was significant (I² > 75%), moderated by factors such as age, culture, and situational context. Notably, under high-stakes conditions or scrutiny, women’s risk-taking equaled men’s , and in some leadership and entrepreneurship contexts women’s cautious strategies correlated with greater long-term success (e.g. 5-year firm survival rates). We discuss theoretical implications for risk decision-making models, the need to transcend simplistic “risk-averse women” stereotypes, and practical implications for leveraging women’s strengths in high-risk roles. While acknowledging limitations (such as cross-study variability and potential publication bias), this meta-analysis provides rigorous evidence that women are not only willing to take risks under the right conditions, but they often do so effectively, with outcomes that can match or exceed those of their male counterparts.
View PDF Download PDF