Decomposing gender gaps in financial literacy: New international evidence

Cupák, Andrej; Fessler, Pirmin; Schneebaum, Alyssa; Silgoner, Maria Antoinette

doi:10.1016/j.econlet.2018.04.004

Cited by 76 publications

(88 citation statements)

References 10 publications

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“…As financial products become more complex and individuals more vulnerable to misleading or deceptive practices by bankers and other financial institutions (Grant, 2018), policy-makers are beginning to question whether individuals have the requisite financial knowledge to adequately navigate financial markets and manage their personal finance. Globally levels of financial literacy are low, with women typically having lower levels of financial literacy than men (Hasler & Lusardi, 2017;Cup ak et al, 2018). The gender gap in financial literacy is large in high-income countries, even though these countries have considerably higher overall levels of financial literacy than low-income countries.…”

Section: Discussionmentioning

confidence: 99%

“…For example, Cupák et al . 's () analysis for the Netherlands is based on 852 observations, and the corresponding samples for the UK and Canada are 896 and 948, respectively. Fonseca et al .…”

Section: Methodsmentioning

confidence: 99%

“…Cupák et al . () study the determinants of the gender gap in 12 countries using data from the 2015 OECD/INFE International Survey of Adult Financial Literacy Competencies, while Bucher‐Koenen et al . () use nationally representative adult data for the USA, the Netherlands and Germany for 2009/10.…”

Section: Previous Researchmentioning

confidence: 99%

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Understanding the Gender Gap in Financial Literacy: Evidence from Australia

Preston

Wright

2019

Economic Record

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Using micro‐data from the Household, Income and Labour Dynamics in Australia Survey, and the Oaxaca–Blinder decomposition technique, this paper examines the determinants of the gender gap in financial literacy. The analysis suggests that human capital variables, such as age and education, are not important in explaining the gender gap in financial literacy. Labour market variables, such as sector, occupation, industry, union membership and labour market status, are important and explain around 16 per cent of the gap. This finding is dependent on the assumption that these variables are exogenous. There is a large unexplained gap, suggesting that the main determinants are neither human capital nor labour market factors.

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Section: Discussionmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

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Understanding the Gender Gap in Financial Literacy: Evidence from Australia

Preston

Wright

2019

Economic Record

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“…Overall, women display a much lower basic financial knowledge compared to men, this being sharper when considering advanced financial literacy (Almenberg and Dreber, 2015;Lusardi and Mitchell, 2008;Mottola, 2013;Potrich et al, 2015). The gender gap is widespread across countries (Bucher-Koenen et al, 2017), being this pattern highest in more developed countries (Cupák et al, 2018). A striking feature is that women are not only less likely to answer financial literacy questions correctly, but also to indicate that they do not know the answer, a result that is consistent across countries (Lusardi and Mitchell, 2011c).…”

Section: Entrepreneurship Financial Literacy and The Gender Effectmentioning

confidence: 99%

Entrepreneurial spirits in women and men. The role of financial literacy and digital skills

2019

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We investigate the attitudes to entrepreneurship of Italian households, focusing on the importance of digital skills and financial literacy as potentially relevant factors shaping entrepreneurial entry. We put the gender focus to our analysis to detect whether, and to what extent, women and men differ in their propensity to run a business. We carry out our research by using a sample of the Bank of Italy SHIW dataset for the year 2008 and 2010. Our findings suggest a strong heterogeneity, between men and women, of the importance of digital skills and financial literacy as entrepreneurial drivers. Results show that the impact of financial literacy on the probability of being an entrepreneur is significant, but only for men. Digital skills increase the probability of being entrepreneur with a bigger effect for men than for women.

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“…Table E.1a about here] [Table E.1b about here]Next, we analyze the role of gender in financial literacy and confidence for ownership of equities and bonds. This extension is motivated by a body of literature finding gender differences in financial literacy and attitudes towards finance, including differences in confidence and risk aversion (seeCupák et al, 2018;Schwarz and Bannier, 2018). Here, we estimate several models interacting financial literacy and gender, as well as confidence measures and gender, in addition to the standard set of covariates considered in baseline models.…”

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confidence: 99%

Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances

Cupák

Fessler

Hsu

et al. 2020

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We employ recent Survey of Consumer Finances (SCF) microdata from the US to analyze the impacts of confidence in one's own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets (equity and bonds) on both the extensive and intensive margins. Controlling for a rich set of covariates including risk aversion, we find that objective financial literacy is positively related to investment in risky assets as well as debt securities. Moreover, confidence in own financial skills additionally increases the probability of holding risky assets and bonds. While these relationships are rather robust for the extensive margin, they break down with regard to the conditional share of financial wealth in risky assets of those who actually hold them. The relevance of financial literacy as well as confidence varies considerably with the distribution of wealth as well as across several socioeconomic dimensions such as age, education and race.

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Decomposing gender gaps in financial literacy: New international evidence

Cited by 76 publications

References 10 publications

Understanding the Gender Gap in Financial Literacy: Evidence from Australia

Understanding the Gender Gap in Financial Literacy: Evidence from Australia

Entrepreneurial spirits in women and men. The role of financial literacy and digital skills

Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances

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