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B3b Financial Self-efficacy and Female Finances: Suggestions for Mitigating the Gender Gap
Short Description
Recent research has shown financial self-efficacy (FSE) to be a characteristic associated with financial outcomes that can be increased via interventions (Asebedo et al., 2019). However, there are few studies that examine gender differences within FSE or how such gendered differences relate to financial outcomes (Furrebøe & Nyhus, 2022). Using interaction effects and Blinder-Oaxaca decompositions the current study provides evidence for specific gender differences within individual financial self-efficacy, related financial behaviors, and resulting financial outcomes. Results indicate that increased financial self-efficacy improved women’s financial well-being faster than men, and that over 70% of the gender gap in objective financial outcomes could be reduced by equalizing women’s financial self-efficacy and objective and subjective financial literacy. These findings suggest that interventions designed to improve the economic well-being of women should focus on improving women’s financial self-efficacy and financial knowledge.
Type of presentation
Accepted Oral Presentation