Researchers at the Association for Psychological Science noted that stereotyping women often influence their financial decisions.

Last year Nicholas Kristof declared in his New York Times column banks could employ more women to balance out the risky men.

A lot of them often tend to believe women are more averse to risks as against their male counterparts. Even earlier studies suggest that gender differences could be biologically rooted.

But Priyanka B. Carr of Stanford University and Claude M. Steele of Columbia University has now declared that these decisions might be the result of negative stereotyping.

In their study, they analyzed how participants think about negative stereotypes, and found that there were no differences in financial decision making when there was no negative stereotyping of women. As soon as negative stereotypes were brought up, gender differences emerged. Therefore, gender stereotypes make all the difference.

Carr says there may be no need in banks and on Wall Street for a "battle of riskiness between the sexes." Removing such negative stereotypes from the system itself can help women make free decisions. "Our argument is that people's decision making and financial choices should not be burdened by stereotypes being placed on them," she said.