Fearless woman: Financial literacy and stock market participation


Bucher-Koenen, Tabea ; Alessie, Rob ; Lusardi, Annamaria ; Rooij, Maarten van


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URL: https://madoc.bib.uni-mannheim.de/59013
URN: urn:nbn:de:bsz:180-madoc-590134
Document Type: Working paper
Year of publication: 2021
The title of a journal, publication series: ZEW Discussion Papers
Volume: 21-015
Place of publication: Mannheim
Publication language: English
Institution: Business School > Finanzmärkte (Bucher-Koenen 2019-)
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G53 , C81 , D91,
Keywords (English): Financial knowledge , gender gap , financial decision making , confidence , measurement error , latent class model , finite mixture model
Abstract: Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions measuring financial knowledge, but when this response option is unavailable, they often choose the correct answer. We estimate a latent class model and predict the probability that respondents truly know the correct answers. We find that about one-third of the financial literacy gender gap can be explained by women’s lower confidence levels. Both financial knowledge and confidence explain stock market participation.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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