Abstract:

The gender gap in financial literacy is one of the most consistent findings in financial education research, with a large number of studies showing significant differences between men and women in terms of financial knowledge, confidence, self-efficacy and financial behaviour. This paper takes up this empirical finding and explores it further through an in-depth analysis of data from a recent study in Austria as part of the OECD/INFE Survey on Financial Literacy of adults.

Confirming previous findings for Austria and most other countries, we find that men outperform women on a test of financial knowledge. This is particularly true for respondents aged under 45 or over 60. Gender differences are smaller in a summary score of financial knowledge, attitudes and behaviour, with women outperforming men in short-term, everyday financial behaviour, while men seem to perform better in long-term, major financial decisions. There is also a gender gap in a summary index of financial wellbeing, which decreases and eventually disappears with increasing levels of financial literacy.

Based on these empirical findings, the paper concludes with an overview of key financial education interventions for girls and women at different stages of their lives that aim to develop not only women's financial literacy but also other essential facets of financial education.

Keywords:

Financial education, financial literacy, gender gap.