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Gender-inclusive financial and demographic literacy: lessons from the empirical evidence

Author

Listed:
  • Giovanna Apicella

    (University of Udine; University of St. Gallen)

  • Enrico G. De Giorgi

    (University of St. Gallen - SEPS: Economics and Political Sciences; Swiss Finance Institute)

  • Emilia Di Lorenzo

    (CSEF - University of Naples Federico II - Faculty of Economics)

  • Marilena Sibillo

    (Università degli Studi di Salerno)

Abstract

Longevity crucially affects demand for pensions, insurance products and annuities. Consistent empirical evidence shows that women have historically experienced lower mortality rates than men. In this paper, we study a measure of the gender gap in mortality rates, we call “Gender Gap Ratio”, across a wide range of ages and for four countries: France, Italy, Sweden and USA. We show the stylized facts that characterize the trend of the Gender Gap Ratio, both in its historical evolution and future projection. Focusing on an example temporary life annuity contract, we give a monetary consistency to the Gender Gap Ratio. The evidence we provide about a Gender Gap Ratio that ranges between 1.5 and 2.5, depending on age and country, translate into a significant reduction of up to 25% in the benefits from a temporary life annuity contract for women with respect to men, against the same amount invested in the annuity. The empirical evidence discussed in this paper documents the crucial importance of working towards a more widespread demographic literacy, e.g., a range of tools and strategies to raise longevity consciousness among individuals and policy makers, in the framework of gender equality policies.

Suggested Citation

  • Giovanna Apicella & Enrico G. De Giorgi & Emilia Di Lorenzo & Marilena Sibillo, 2023. "Gender-inclusive financial and demographic literacy: lessons from the empirical evidence," Swiss Finance Institute Research Paper Series 23-02, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2302
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    More about this item

    Keywords

    Gender gap in mortality; financial well-being; demographic literacy;
    All these keywords.

    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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