Correlate Gender with Likert-Type Scale

Hello, I have a question that might appear very easy to most of you, but im struggling.
To put it short: I have a questionnaire that works with 7-point Likert-Type questions. For instance, five questions that ask risk tolerance of people. The higher the score, the higher the risk tolerance. I calculated the average score of those five questions. Now I want to see whether the gender of my participants correlates with the scores. I transformed male to 0 and female to 1. I was then using bivariate correlations in SPSS and for instance get the result of -0.454**. Is this the right way? Can I interpret this value usefully? I was thinking that this means, that the higher the risk tolerance, the lower the gender score. As I used 0 for male and 1 for female, I interpreted that male have a higher risk tolerance or vice versa, female have a lower risk tolerance.

Does this sound right?


TS Contributor
You could use gender as grouping variable and compare the medians (plus median test)
or rank sums (plus Wilcoxon rank sum test) between groups.

With kind regards