Secondary Outcomes (end points)
The COVID-19 pandemic has witnessed a surge in female engagement with the stock market, attributed to job and savings insecurities during the pandemic, and increased usage of no-fee trading platforms facilitated by the time spent at home. For example, Robinhood saw a 369% increase in the number of women using its services during the pandemic and women now make up 30% of its customer base.
Despite this, a substantial body of academic literature underscores the heightened vulnerability of women within the stock market due to a historical gender disparity in financial literacy and participation. Women typically exhibit lower financial education levels and reduced involvement in investment activities (Guiso and Zaccaria, 2021 ), often remaining underbanked (Demirgurc ̧-Kunt et al., 2017 ), and exhibiting lower stock market participation levels (Ke, 2021 ). Furthermore, women frequently express higher privacy concerns while exhibiting limited adoption of protective behaviors in comparison to men (Armantier et al., 2021 , Hoy and Milne, 2010 , Sheehan and Hoy, 2000 ).
The prevailing digital landscape, characterized by the monetization of personal data by numerous online platforms, is notably relevant in the financial sector, whereby trading platforms such as Robinhood leverage customer data monetization as a means to offer commission-free services to individual investors. However, this data sharing practice raises concerns regarding investor vulnerability to welfare losses (Acquisti et al., 2015 ), especially concerning retail investors, including women, who may inadvertently consent to data sharing without a comprehensive understanding of its potential adverse impact on their trading outcomes.
Consequently, this study emphasizes the necessity to investigate whether women modify their risk attitudes and trading approaches in response to the awareness of their trading data being shared. The aim is to provide insights that guide policy-makers in tailoring adaptive measures that protect privacy, considering gender dynamics.