The gender gap in financial literacy begins with how men and women choose to educate themselves

Women are more likely to answer "I don't know" when they are asked questions about financial issues. That is one of the conclusions of the Financial Skills Survey carried out by the Bank of Spain and the Spanish National Securities Market Commission. The same trend is also evident in other countries, including the United States and Germany, highlighting the existence of a widespread gender gap. However, more research is needed to understand the causes of this inequality in a context in which policies and education can be designed with a view to being egalitarian.

The open-access article, "Exploring gender differences in financial literacy decision-making", addresses the source of the problem: it examines the learning pathways that men and women use to educate themselves in financial literacy, and how the choices they make ultimately have an impact on their skills. The authors of the study are Elisabet Ruiz-Dotras and Josep Lladós, researchers in the Digital Business (DigiBiz) group at the Universitat Oberta de Catalunya (UOC). The study's objectives included providing a foundation for ongoing research in order to design more efficient and egalitarian systems for financial literacy.

Men and women learn about finance differently

The main conclusion of the study is that men and women use different learning strategies in their financial education. Women prefer to acquire skills by means of formal education, workplace training and using the internet, and these choices are often free of charge. Meanwhile, men have a wider range of resources, and they are willing to pay for training, in the form of specialized courses, master's degrees and postgraduate studies.

"Our study shows that men are willing to invest in their education, while women restrict themselves to free alternatives or self-directed learning," said Ruiz-Dotras, who like Lladós is a member of the Faculty of Economics and Business. As a result, women may find it difficult to identify and select information that could effectively improve their financial skills. "Today, it is difficult to discern what content on the internet is accurate or most appropriate without the necessary knowledge. All of this leads to the need to raise women's awareness about the importance of financial empowerment," she said.

The study also concludes that in general, people who use various learning sources tend to attain higher levels of financial literacy. As a result, according to the study, developing education programmes adapted to the preferences and needs of both men and women is crucial for overcoming the gender divide.

The study conducted by Ruiz-Dotras and Lladós examined information provided by 865 students, tutors and academic advisers at the UOC, with a proportional percentage of men and women in the sample. "Although the sample is not representative of the country as a whole, it does allow us to conclude that even among people with university level education, financial literacy levels are low and there are major gender differences," she said.

The importance of egalitarian financial education

"Men and women deal with money issues every day. That means that all of us need to have the financial knowledge and skills that will help us make the best decisions. In the home, the person who makes the most important decisions, such as buying a home or applying for a loan, is often the man. That should not be the case: decisions that have consequences for the family finances should be made together," said Ruiz-Dotras.

According to the researcher, inequality in financial education has numerous consequences related to security, an individual's ability to deal with attempts at fraud, opportunities for starting a business, or simply the level of confidence with which someone makes important decisions throughout their life.

"The more knowledge you have, the more opportunities you'll be able to take advantage of. Without information, you'll delegate decisions to someone else – who may be your partner, a relative, a financial institution, or a salesperson who is trying to sell you something. If you have those skills, you'll know which choices are best for you. Without them, you delegate decisions to someone who may not be choosing what's best for you or what really suits your risk profile and your needs," she explained.

Keys for implementing more egalitarian policies

According to the UOC researchers, who are both affiliated to the UOC-DIGIT centre, all sources of learning must be taken into account when designing equal policies. The differences in the strategies adopted by men and women also need to be considered. It is essential to raise women's awareness of the importance of access to high-quality financial education. "The results show us that women need more financial education than men because their knowledge is more limited, and also because their education involves more limited alternatives," she said.

The results of this study have been passed on to the Bank of Spain. They also lay the foundations for further research. "For example, we took them into account when designing the Chair in Financial Health and Education in partnership with the Caixa Enginyers Foundation and the Institut d'Estudis Financers," said Ruiz-Dotras.

"We have found that the processes involved in their financial education are different; now we want to find out if their interests and motivations, which are also different, are factors in those choices. We have the example of football, which has traditionally attracted more interest from men for cultural reasons. We want to know if the same thing happens in the financial world."

This project aligns with the UOC's Education for the future research mission and contributes to UN Sustainable Development Goals (SDGs) 1, No Poverty; 4, Quality Education; 5, Gender Equality, and 10, Reduced Inequalities.

Related article

Ruiz-Dotras, E., Lladós-Masllorens, J., & Mitręga-Niestrój, K. (2025). Exploring gender differences in the financial literacy decision-making. Economics and Sociology, 18(3), 80–105. https://doi.org/10.14254/2071-789X.2025/18-3/5

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