Beyond knowledge: Confidence and the gender gap in financial literacy

Marius Cziriak, Tabea Bucher-Koenen and Rob Alessie

No 24-083, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: Women are less likely to correctly answer the "Big-3" financial literacy questions, and a substantial share of the gap reflects women's lower confidence. In our experiment, women are more likely to choose "do not know" or refuse to answer financial literacy questions. If these options are not available, the gender gap decreases substantially. We build on the method proposed by Bucher-Koenen et al. (2021) and provide an easy-to-implement survey design applicable in cross-sectional studies that allows us to disentangle financial knowledge and confidence. We find that both financial knowledge and confidence are related to participation in the stock market.

Keywords: financial knowledge; gender gap; financial decision making; measurement error; survey methodology (search for similar items in EconPapers)
JEL-codes: C81 D14 D91 G53 (search for similar items in EconPapers)
Date: 2024
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https://www.econstor.eu/bitstream/10419/312571/1/1919060219.pdf (application/pdf)

Related works:
Working Paper: Beyond knowledge: Confidence and the Gender Gap in Financial Literacy (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:312571

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