Gender differences in recollections of economic socialization, financial self‐efficacy, and financial literacy

The OECD/INFE international surveys of adult financial literacy (OECD/INFE 2016, 2020) show gender differences in financial literacy in developed countries in Europe. In this study, we examine whether these differences can be explained by gender differences in parental economic socialization using t...

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Bibliographic Details
Published in:The Journal of consumer affairs 2023, Vol.57 (1), p.69-91
Main Authors: Furrebøe, Elise Frølich, Nyhus, Ellen Katrine, Musau, Andrew
Format: Article
Language:English
Subjects:
Developed countries
economic socialization
Expenditures
financial literacy
financial self‐efficacy
Gender differences
International finance
Literacy
Men
National security
Respondents
Self-efficacy
Socialization
Women
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Summary:The OECD/INFE international surveys of adult financial literacy (OECD/INFE 2016, 2020) show gender differences in financial literacy in developed countries in Europe. In this study, we examine whether these differences can be explained by gender differences in parental economic socialization using the Dutch 2018 DHS household survey. We investigate whether respondents' recollection of economic socialization when young predict their adult economic behavior and self‐assessed financial knowledge. The results from ordinal logit and logistic regressions and for nonlinear equations decompositions reveal gender differences in the recollection of economic socialization and in how socialization practices are related to economic behavior and self‐assessed financial knowledge. Men have to a greater degree than women been socialized in terms of having paid work outside the home, while women more often than men report that their parents controlled their spending. Moreover, we find gender differences in how men and women benefitted from the same socialization practices.
ISSN:0022-0078
1745-6606
DOI:10.1111/joca.12490