Understanding the gender gap in financial literacy: The role of culture

Author:

Preston Alison1ORCID,Qiu Lili2ORCID,Wright Robert E.3ORCID

Affiliation:

1. Department of Economics, Business School University of Western Australia Perth WA Australia

2. Department of Marketing, Business School University of Western Australia Perth WA Australia

3. Adam Smith Business School & School of Education University of Glasgow Glasgow, Scotland UK

Abstract

AbstractUsing data from the 2015 China Household Financial Survey (CHFS) this paper examines the effect of culture on the gender gap in financial literacy. We exploit geographical differences in culture in China, comparing outcomes between rural and urban areas and between areas in the east and west (Shanghai and Chongqing). Using the Blinder‐Oaxaca decomposition we show that, nationally, the gender gap in financial literacy is entirely the product of differences in the way men and women acquire financial literacy. It is a result consistent with cultural effects. When considering just women in Shanghai and Chongqing we observe a raw financial literacy differential of 13% (favoring Shanghai). This gap is also the product of differences in the way financial literacy is acquired. It provides additional evidence as to the importance of culture when it comes to understanding financial literacy.

Publisher

Wiley

Subject

General Economics, Econometrics and Finance,Sociology and Political Science

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