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Journal Article

Gender Differences in Personal Financial Literacy Among College Students

01 Oct 2002-Financial Services Review (FINANCIAL SERVICES REVIEW)-Vol. 11, Iss: 3, pp 289-307
TL;DR: This article found that women generally have less enthusiasm for, lower confidence in, and less willingness to learn about personal finance topics than men do, while men rate English and humanity courses more important.
About: This article is published in Financial Services Review.The article was published on 2002-10-01 and is currently open access. It has received 475 citations till now. The article focuses on the topics: Financial literacy & Financial management.
Citations
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Journal ArticleDOI
TL;DR: An assessment of a rapidly growing body of economic research on financial literacy and thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy are offered.
Abstract: This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision-making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy.

2,176 citations


Cites background from "Gender Differences in Personal Fina..."

  • ...Studies of financial literacy in high school and college also reveal sex differences in financial literacy early in life (Chen and Volpe 2002; Mandell 2008)....

    [...]

Journal ArticleDOI
TL;DR: In this paper, the authors present an assessment of a rapidly growing body of economic research on financial literacy and examine the impact of financial literacy on economic decision-making in the United States and elsewhere.
Abstract: This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare, as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy. (JEL A20, D14, G11, I20, J26)

1,741 citations

Journal ArticleDOI
TL;DR: An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments as mentioned in this paper, which is essential to understand educational impact as well as barriers to effective financial choice.
Abstract: Financial literacy (or financial knowledge) is typically an input to model the need for financial education and explain variation in financial outcomes. Defining and appropriately measuring financial literacy is essential to understand educational impact as well as barriers to effective financial choice. This article summarizes the broad range of financial literacy measures used in research over the last decade. An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments.

1,164 citations

Journal ArticleDOI
TL;DR: An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments as mentioned in this paper, which is essential to understand educational impact as well as barriers to effective financial choice.
Abstract: Financial literacy (or financial knowledge) is typically an input to model the need for financial education and explain variation in financial outcomes. Defining and appropriately measuring financial literacy is essential to understand educational impact as well as barriers to effective financial choice. This article summarizes the broad range of financial literacy measures used in research over the last decade. An overview of the meaning and measurement of financial literacy is presented to highlight current limitations and assist researchers in establishing standardized, commonly accepted financial literacy instruments.

948 citations

Journal ArticleDOI
TL;DR: This article dissected the differing financial literacy definitions and measures, urging researchers toward common ground, in order to help consumers better understand and adapt to changing life events and an increasingly complex economy.
Abstract: This study explicates the concept of financial literacy, which has blossomed in use this century. Scholars, policy officials, financial experts and consumer advocates have used the phrase loosely to describe the knowledge, skills, confidence and motivation necessary to effectively manage money. As a result, financial literacy has varying conceptual definitions in existing research, as well as diverse operational definitions and values. This study dissects the differing financial literacy definitions and measures, urging researchers toward common ground. A clearer definition should improve future research, in turn helping consumers better understand and adapt to changing life events and an increasingly complex economy.

740 citations

References
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Journal ArticleDOI
TL;DR: This paper examined whether gender differences in risk propensity and strategy in financial decision-making can be viewed as general traits, or whether they arise because of context factors and found that females are less risk seeking than males irrespective of familiarity and framing.

1,276 citations

Journal ArticleDOI
TL;DR: In this paper, the authors surveyed 924 college students to examine their personal financial literacy; the relationship between the literacy and students' characteristics; and impact of the literacy on students' opinions and decisions; and concluded that less knowledgeable students tend to hold wrong opinions and make incorrect decisions.

1,136 citations

Journal ArticleDOI
TL;DR: The authors survey the existing literature regarding gender differences in investment and consider the policy implications of these differences and provide a summary and organization of the explanations for gender differences that have been offered in a variety of fields, including economics, sociology, education and gender studies.
Abstract: Several recent studies have found that women invest their pensions more conservatively than men (Bajtelsmit and VanDerhei, 1996; Hinz, McCarthy, and Turner, 1996) and that women are more risk averse (Jianakoplos and Bernasek, 1996). Although these findings have serious implications for the well-being of women in retirement, the reasons for observed gender differences are less well- defined. This paper surveys the existing literature regarding gender differences in investment and considers the policy implications of these differences. The authors provide a summary and organization of the explanations for gender differences that have been offered in a variety of fields, including economics, sociology, education and gender studies.

380 citations

Journal ArticleDOI
TL;DR: This paper found that women exhibit greater relative risk aversion in their allocation of wealth into defined contribution pension assets, while men exhibit less risk aversion than women in their allocations of wealth to defined contribution pensions.

244 citations

Journal Article

189 citations


"Gender Differences in Personal Fina..." refers background in this paper

  • ...This issue of women and their money management has been widely discussed in the media (Martinez, 1994; Genasci, 1995; Lewin, 1995; Pasher 1996). Recently, Hira and Mugenda (2000) reported that women are more likely to be dissatisfied with their finances than men....

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  • ...Danes and Hira (1987) found that males know more about insurance and personal loans, but know less about overall financial management than females....

    [...]

Trending Questions (2)
What is the Gender Differences in Financial Knowledge among College Students: Evidence from a Recent Multi-institutional Survey?

The provided paper discusses gender differences in personal financial literacy among college students. It finds that women generally have less knowledge about personal finance topics compared to men.

What is the Gender Differences in Financial Knowledge among College Students: Evidence from a Recent Multi-institutional Survey?

The provided paper discusses gender differences in personal financial literacy among college students. It states that women generally have less knowledge about personal finance topics compared to men.