Culture, Gender, and Financial Literacy

Understanding the gender gap in financial literacy: The role of culture

“…This is supported by descriptive analysis in the paper. The finding supports other recent literature documenting the relationship between gender culture and financial literacy (Bottazzi & Lusardi, 2021; Davoli & Rodríguez‐Planas, 2022; Driva et al, 2016; Grohmann & Schoofs, 2021; Rink et al, 2021).…”

“…Culture (capturing gendered structures, norms and stereotypes) is amongst the newer explanations for gender differences in financial literacy (Bottazzi & Lusardi, 2021; Davoli & Rodríguez‐Planas, 2022; Driva et al, 2016;Grohmann & Schoofs, 2021; Rink et al, 2021). Rink et al (2021, p. 131) define culture as “… a system of shared beliefs, values, customs, behaviours and artefacts that the members of a certain society use to interact with their world and with one another” .…”

“…Using a different empirical approach Davoli and Rodríguez‐Planas (2022) employ information on the gender gap in financial literacy of country‐of‐ancestry to study the gender gap in financial literacy of US men and women. Their work shows that the smaller the gender gap in financial literacy in the country‐of‐ancestry, the higher the financial literacy of women in the US relative to men.…”

“…In this paper data from the 2015 China Household Finance Survey (CHFS) are used to investigate the role that culture plays in explaining the gender gap in financial literacy (hereon after referred to as the gap). By culture we mean social or normative factors such as gender structures, gender norms and gender stereotypes that shape choices, opportunities and returns concerning financial literacy investments (Bottazzi & Lusardi, 2021; Davoli & Rodríguez‐Planas, 2022; Driva et al, 2016; Grohmann & Schoofs, 2021; Rink et al, 2021). Culture is a relatively new consideration in studies of the gap.…”

When Does the Gender Gap in Financial Literacy Begin?*

“…The first attributes the gap to gender differences in financial decision‐making and differences in the household division of labour (Fonseca et al., 2012; Rao & Malapit, 2015; Hsu, 2016; Ward et al., 2019; Rink et al., 2021). A second, related, explanation emphasises social and cultural factors, including gender roles and gender stereotypes (Shim et al., 2010; Agnew & Cameron‐Agnew, 2015; Driva et al., 2016; Bottazzi & Lusardi, 2021; Grohmann & Schoofs, 2021; Rink et al., 2021; Tinghög et al., 2021; Davoli & Rodriguez‐Planas, 2022; Preston et al., 2023). A third explanation suggests that the gap may arise from gender differences in non‐cognitive factors – personality, self‐confidence, perseverance, risk aversion (Arellano et al., 2017; Longobardi et al., 2018; Robson & Peetz, 2020; Tinghög et al., 2021).…”