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Explaining the Gender Gap in Financial Literacy: The Role of Non‐Cognitive Skills
Author(s) -
Arellano Alfonso,
Cámara Noelia,
Tuesta David
Publication year - 2017
Publication title -
economic notes
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.274
H-Index - 19
eISSN - 1468-0300
pISSN - 0391-5026
DOI - 10.1111/ecno.12113
Subject(s) - financial literacy , gender gap , literacy , cognitive skill , cognition , non cognitive , psychology , demographic economics , economics , finance , pedagogy , neuroscience
Economic literature identifies a gender gap in financial literacy. This paper tests to what extent this gender gap is due to a misspecification problem or whether it exists because boys and girls do indeed have differing ways of acquiring financial literacy. Our estimates show that the gender gap decreases by 20 per cent when the model includes the effect of non‐cognitive skills, for 15‐year‐old students in Spain. However, differences between boys and girls in financial literacy remain statistically significant.