A review of research from over the last six years points to a persistent gender gap in both financial and investment understanding.
Research supports Her Wealth’s observation of a gender gap in financial knowledge.
A review of research from over the last six years points to a persistent gender gap in both financial and investment understanding, according to a recent article by Gary Mottola of the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation.
In his article, Mottola concluded that “women consistently score lower than men on financial literacy measures, and this gender-based gap may negatively impact women’s long-term financial well-being.”
This research was based on data from the foundation’s National Financial Capability Study (NFCS), which posed five basic financial literacy questions and tabulated the answering success of women versus men.
Results showed that both millennial and older women underperformed men in answering these basic questions. The study also found that women are more likely to register “don’t know” answers to these questions: On average, between 25 and 36 percent of the time, women admit that they don’t know the answer to a question.
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