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While artificial intelligence (AI) has advanced to a point where it can generate images and provide answers to a wide array of questions, a recent study reveals a significant bias. These AI platforms struggle to accurately represent women in finance, particularly as investors. When prompted to create visuals of investors, AI tools predominantly showcased male figures, highlighting a concerning gender disparity.
AI’s Skewed Perception of Investors
Even when instructed to depict an investor with traditionally feminine traits, such as attire or manicured nails, the AI systems frequently rendered images of men with these characteristics. This bias was uncovered by eToro, a trading and investment firm that conducted a test of various AI platforms, revealing a skewed perception despite the presence of 6.7 million female investors in the UK.
How AI Tools Generate Images
The research involved using ‘generative AI’ tools. These platforms employ algorithms, which are sets of instructions designed to resolve problems, to produce content like text or images. Users input a prompt, such as a question or a description, guiding the tool’s output. For example, a user might request the AI to create a shopping list or an image of a specific pet.
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These tools then utilize online resources, encompassing photographs, books, news reports, journals, and other digital content, to formulate answers or produce images based on the user’s prompts. However, this reliance on existing materials can introduce biases into the AI’s responses.
The Manifestation of Bias
- When asked to generate an image of an ‘investor in a skirt,’ the majority of images produced by the AI tools featured sharply dressed men wearing skirts.
- Similarly, a prompt for an ‘investor with red fingernails’ resulted in pictures of men in suits with red nail polish.
- Only when prompted for a hyper-realistic ‘portrait of an investor in a dress’ did the AI platforms consistently depict women.
Unfortunately, some of these images portrayed women in revealing outfits, while one depicted a woman in a dress made of banknotes.
AI’s Assumption of Women as Assistants
The AI also often defaults to portraying women as assistants to male investors.
When instructed to show ‘an investor with their assistant’, the generated images primarily depicted middle-aged men in suits as the investors, with women in subordinate roles.
Expert Insights on AI Bias
According to Lale Akoner, Global Markets Analyst at eToro, the persistent stereotype of the investor as a professional-looking man remains prevalent. She argues that these AI-generated images can discourage women from participating in finance.
“‘The misleading and harmful stereotype of the investor as a professional-looking man is sadly alive and well. The results simply tell women they don’t belong. This isn’t just an AI bias – it’s a societal issue holding back women financially.'”
The Role of Media Depictions
The portrayal of investors in media contributes to these biases that AI tools then absorb.
Dr. Ylva Baeckstrom, a former banker and current finance lecturer at King’s College London Business School, discovered that male lead actors account for a significant portion of screen time in finance-related films.
Combating AI Bias in Finance
As households increasingly rely on AI for financial guidance, Dr. Baeckstrom emphasizes the importance of financial literacy. She believes women should critically evaluate the information provided by AI tools to identify inaccuracies or nonsensical content, also known as ‘AI hallucinations’.
“‘AI will make things up. You can’t know whether it’s true or not – you can’t trust it. If you’re a savvy user, you’re much more likely to benefit from it. You’ll question things.'”
Taking Corrective Action
Dr. Baeckstrom urges users to actively correct AI platforms. If an AI creates biased material, users must step in and modify the output to reflect reality.
“‘We have the opportunity with AI to start again without the biases. We need to teach AI that the blueprint of an investor is not a man.'”
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