The Gender Gap in Economic and Financial Literacy: A Review and Research Agenda

Abstract

Economic and financial literacy are crucial for both adults and adolescents due to their demonstrated impact on financial behavior, wealth accumulation, and retirement planning. However, studies indicate that financial literacy remains alarmingly low, especially among women. This disparity raises significant concerns about gender inequality in financial decision-making and overall well-being. This systematic literature review examines international research on the gender gap in economic and financial literacy and explores explanatory factors contributing to this gap. Applying the TCCM framework, we analyze 97 papers, including 185 individual studies. Findings confirm a gender gap favoring males across age groups and global contexts. Notably, the gap seems more pronounced in developed countries. Frequently reported explanatory factors are explored, including individuals' socialization, confidence, and computational skills, yet substantial parts of the gender gap remain unexplained by previous literature. Overall, this review contributes to the literature by providing a systematic overview of gender differences in economic and financial literacy and potential explanations.