Gender differences in financial literacy

This chapter reviews and analyses evidence on gender differences in financial knowledge, attitudes, and behaviours from a wide variety of sources, including the OECD/INFE financial literacy survey. Women display lower financial knowledge than men in a large number of developed and developing countries. Young women, widows, less well-educated and low-income women lack financial knowledge the most. Available evidence of financial attitudes suggests that women are less confident then men in their financial knowledge and skills, less over-confident in financial matters, and more averse to financial risk. In terms of financial behaviour, women appear to be better than men at keeping track of their finances, but have difficulties in making ends meet, in saving and in choosing financial products appropriately. Future research should investigate further the relation across gender differences in financial knowledge, attitudes and behaviours, and especially the ability of men and women to manage and save money in the short and long term.