Tackling the gender gap in financial literacy. Evidence from a financial education program in the workplace

Alessio D'Ignazio (), Ludovica Galotto () and Cristiana Rampazzi ()
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Alessio D'Ignazio: Bank of Italy
Ludovica Galotto: Bank of Italy
Cristiana Rampazzi: Bank of Italy

No 855, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: This paper evaluates the effectiveness of 'Women matter', a financial education program provided by the Bank of Italy to tackle the gender gap in financial literacy. We exploit data collected during the pilot edition of the initiative, undertaken from May 2022 to April 2024 and aimed at female employees. The sample consists of about 200 workers, including both program participants and non-participants, with the latter being similar to the former across a wide range of observable characteristics. We find that attending the program leads to a sizeable increase in the participants' financial competences, corresponding to about 30 per cent of the financial literacy score measured before the course. Moreover, the program is more effective for younger recipients and for those less familiar with financial instruments. Finally, we show that the teacher's level of financial literacy directly affects the success of the program.

Keywords: financial literacy; financial education for adults; gender gap (search for similar items in EconPapers)
JEL-codes: G5 I21 (search for similar items in EconPapers)
Date: 2024-06
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_855_24

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