Gender difference in overconfidence and household financial literacy

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2024-06-06 DOI:10.1016/j.jbankfin.2024.107237

Edward R. Lawrence , Thanh D. Nguyen , Benedikt Wick

引用次数: 0

Abstract

We study overconfidence related to financial knowledge among men and women within U.S. households, venturing beyond prior research confined to subsamples such as CEOs, retail investors, and older adults. By expanding our study to the broader U.S. population, we provide evidence that women, on average, exhibit greater overconfidence than men – a discrepancy attributable to the gender difference in financial knowledge. We find a positive association between overconfidence and both investment risk-taking and savings behavior, while it correlates inversely with prudent credit card management. Our findings emphasize the instrumental role of financial literacy in mitigating overconfidence, providing a deeper understanding of the interaction between gender, overconfidence, and financial literacy. Our results carry profound implications for policy interventions and educational strategies.

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过度自信与家庭理财知识的性别差异

我们研究了美国家庭中男性和女性与金融知识相关的过度自信，超越了之前局限于首席执行官、散户投资者和老年人等子样本的研究。通过将研究范围扩大到更广泛的美国人口，我们提供的证据表明，女性平均比男性表现出更大的过度自信--这种差异可归因于金融知识的性别差异。我们发现，过度自信与投资风险承担和储蓄行为之间存在正相关，而与谨慎的信用卡管理之间存在反相关。我们的研究结果强调了金融知识在缓解过度自信方面的作用，为深入理解性别、过度自信和金融知识之间的相互作用提供了依据。我们的研究结果对政策干预和教育战略具有深远的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.