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

Giovanna Apicella, Enrico G. De Giorgi, Emilia Di Lorenzo and Marilena Sibillo
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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
Marilena Sibillo: Università degli Studi di Salerno

No 23-02, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

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.

Keywords: Gender gap in mortality; financial well-being; demographic literacy (search for similar items in EconPapers)
JEL-codes: G53 J11 J16 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2023-01
New Economics Papers: this item is included in nep-age, nep-fle, nep-gen and nep-lab
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2302

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