Lack of confidence accounts for up to a third of women’s lack of financial literacy relative to men, and genuine gaps account for what is left. The study quantified that men tend to be more financially literate than women as 75% of men answered all three questions correctly against 60 women. However, the biggest takeaway was that women’s shortfall of confidence in financial matters was down to nervousness. Commenting on the results, one of the authors of the report, Annamaria Lusardi, confirmed that low confidence is a predicament for women in financial matters. This could mean that the effect of low financial literacy among women has been worsened by the coronavirus pandemic as finances have been disproportionately affected by the socio-economic effects of the pandemic.

Source: Standard Digital March 10, 2021 12:22 UTC