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The Gender Gap in Financial Literacy: Income, Education, and Experience Offer Only Partial Explanations

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  • Antonia Grohmann

Abstract

In most countries, women have a lower level of financial literacy than men on average. This report demonstrates that differences in income and education and less experience in financial matters only provide a partial explanation for the gender gap. Data from various countries show that cultural differences may also play a role. In order to close the gender gap in financial literacy, schools should do a better job of imparting general knowledge and numerical proficiency. Lessons on the subject of finance must attempt to involve girls so they learn to view financial matters as part of “their job” from an early age. Overall gender equality would also narrow the gender gap in financial literacy.

Suggested Citation

  • Antonia Grohmann, 2016. "The Gender Gap in Financial Literacy: Income, Education, and Experience Offer Only Partial Explanations," DIW Economic Bulletin, DIW Berlin, German Institute for Economic Research, vol. 6(46/47), pages 531-537.
    • Handle: RePEc:diw:diwdeb:2016-46-1
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    Citations

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    Cited by:

    1. Oberrauch, Luis & Kaiser, Tim, 2020. "Economic competence in early secondary school: Evidence from a large-scale assessment in Germany," International Review of Economics Education, Elsevier, vol. 35(C).
    2. Elisa Bocchialini & Beatrice Ronchini, 2021. "A Pilot Study Assessing Attitudes toward Finance among Italian Business Students," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(10), pages 1-44, July.
    3. Andrej Cupak & Pirmin Fessler & Maria Antoinette Silgoner & Elisabeth Ulbrich, 2018. "Financial literacy in Austria: a survey of recent research results," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/18, pages 14-26.
    4. Tim Kaiser & Luis Oberrauch & Günther Seeber, 2020. "Measuring economic competence of secondary school students in Germany," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(3-4), pages 227-242, August.
    5. Fernandes, Inês & Schmidt, Tobias, 2021. "Household bargaining, pension contributions and retirement expectations: Evidence from the German Panel on Household Finances," Discussion Papers 44/2021, Deutsche Bundesbank.

    More about this item

    Keywords

    Financial literacy; Financial Behavior; Gender Gaps; Individual Characteristics; Societal Norms;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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