Bridging the Gender-Based Financial Literacy Gap: An In-Depth Examination of Contributing Factors and Policy Recommendations for Equitable Financial Empowerment
DOI:
https://doi.org/10.47611/jsrhs.v13i1.6108Keywords:
financial literacy, female, female financial literacy, gender based, gender disparities, personal finance, literature reviewAbstract
Financial literacy is a critical life skill for individuals to make informed decisions about their investments or personal finances. However, studies have revealed a gender-based financial literacy gap, with women having lower levels of financial knowledge than men. While there is a general consensus that women have lower rates of financial literacy, there is less literature discussing the possible causes of this gap. Through interviews with experts and researchers in the financial literacy field, I seek to uncover the factors that influence financial literacy outcomes for men and women in America, and what can be done to counter the gender-based disparities in financial literacy rates. I concluded that a major factor of financial literacy is confidence in their ability to learn and handle personal finance. The best way to resolve this is by mandating financial education.
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