News Release

Investing, His & Hers: NASD Foundation Funds Iowa Study to Explore How Gender Affects Investing Behavior

Washington, D.C.— The NASD Investor Education Foundation has awarded more than $150,000 to Iowa State University to conduct a national, two-year research project analyzing gender differences in investment decision-making. The study's findings will be used to develop gender-appropriate investor education strategies and investment advice services.

The study, Understanding Significant Factors that Explain Gender Differences in Investments, will explore key underlying factors that significantly influence investment behavior - such as investment knowledge, attitudes toward risk and social norms - and how these factors differ between male and female investors.  The aim is to identify the differing dimensions of the investment decision-making process for men and women, so the study's results can be used to create educational strategies and messages tailored to the specific learning processes of average American men and women.

"We know that men and women often have different attitudes about financial matters and invest their money differently," said Robert R. Glauber, Chairman & CEO of NASD, who also serves as Chairman of the NASD Investor Education Foundation. "Understanding these differences better will help NASD meet its goal of providing the most appropriate, most effective education and information to women investors."

The NASD Investor Education Foundation, established in 2003, supports educational programs and research with the goal of providing investors with high-quality, easily accessible information and tools to better understand investing and the markets.  The Foundation recently awarded more than $1 million in total to 11 organizations, including Iowa State University, for new educational programs and research projects targeting the underserved segments of the population.  The NASD Investor Education Foundation formally launched its second full grant cycle on April 5, inviting non-profit groups and researchers to apply for funding. Grant proposals must be submitted by June 3, 2005.  For details about grant programs and other new initiatives of the Foundation, visit

NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation.  NASD believes that understanding should precede investing - and that education is often the best form of investor protection. NASD's broad range of investor education programs include Investor Alerts, brochures and online resource guides on such critical topics as mutual fund class shares and 401(k) and college savings plans. This information is distributed through its Web site,, printed materials and Investor Forums.