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Financial Literacy Amongst Young People: When Does the Gender Gap Begin?

Author

Listed:
  • Preston, Alison

    (University of Western Australia)

  • Wright, Robert E.

    (University of Glasgow)

Abstract

Using micro-data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey, and the Oaxaca-Blinder decomposition technique, this paper contributes to knowledge on gender-gaps in financial literacy (FL) via a study of teenagers, emerging adults and young adults. The analysis suggests that important predictors of FL include schooling, high school-type, labour market activity and parental employment. There are large unexplained gaps, equal to 31.6%, 19.3% and 11.9% amongst those aged 15-19, 20-24 and 25-29, respectively. Very little of the gap may be explained by gender differences in human capital variables and other characteristics, including mathematics ability, cognitive ability and personality. The main conclusion is that the gap starts young and likely derives from gender stereotype beliefs.

Suggested Citation

  • Preston, Alison & Wright, Robert E., 2022. "Financial Literacy Amongst Young People: When Does the Gender Gap Begin?," IZA Discussion Papers 15287, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp15287
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    Cited by:

    1. Steve Agnew & Valerie A. Sotardi, 2024. "The Impact of Pocket Money and Term Time Employment on the Financial Confidence of Adolescents in New Zealand," Working Papers in Economics 24/10, University of Canterbury, Department of Economics and Finance.

    More about this item

    Keywords

    financial literacy; gender gap in financial literacy; gender stereotypes; adolescence; Oaxaca-Blinder decomposition;
    All these keywords.

    JEL classification:

    • B54 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Feminist Economics
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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