Insight: THE GENDER GAP IN FINANCIAL MATTERS
By Linda Jamison
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This article presents evidence that women have markedly less knowledge about financial matters than men do, regardless of age, marital status, and culture. Since women tend to live longer than men, their lower understanding of financial matters could have significant consequences. Women are likely to spend more time living alone after the death of a spouse or as single heads of households, so financial literacy is vital to help them prepare for retirement. The authors of this article examined the gender differences in financial literacy across three countries—Germany, the Netherlands, and the United States. In particular they searched for reasons for these differences in financial literacy beyond socioeconomic background, culture, and financial institutions. In addition, they dug into the deeper reasons why women are apparently less knowledgeable than men about financial matters.
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About the Author:
Linda Jamison is an author, public speaker, and consultant who has served in senior executive positions in the US government, including in the White House. She has worked at the United Nations and was a senior leader with the Center for Strategic and International Studies, where she was the founding dean of an international leadership academy. Jamison has trained and advised policymakers and political leaders in the art and practice of leadership both in the United States and abroad. She has a master’s degree from American University in Washington, DC, and a bachelor’s degree from the University of Denver.