The present study examines the relationship between gender and age; and between gender and marital status in shaping an individual's risk-taking behavior. It addresses the lack of localized research on socio-demographic factors affecting financial behavior in this region. The study employs the CHAID (Chi-square Automatic Interaction Detection) technique. The model classifies individuals' risk-bearing capacity based on socio-demographic factors i.e. gender, age and marital status. This study uniquely applies the CHAID model to analyze financial risk-taking in an emerging Indian financial hub. Unlike broad gender-based analyses, it highlights the interaction of gender with age and marital status, challenging traditional assumptions of female risk aversion.

Results indicate that females, irrespective of age, exhibit higher risk-taking tendencies, with married females being more risk-inclined than their single counterparts. Among males, married individuals and those aged 41-50 years demonstrate higher risk-taking behavior. The study is limited to Indore City, and findings may vary across different regions and cultures. Future research could explore additional psychological and behavioral factors influencing financial risk-taking. Portfolio managers can use basic demographic information to assess an individual's risk propensity, enabling them to recommend suitable investment strategies. The study also highlights the need for gender-specific financial literacy programs.The findings indicate increasing financial independence among women, reflecting a shift toward gender equality. Policymakers can leverage these insights to promote financial inclusion and joint financial planning for married individuals