Why are women less motivated to become financially literate?

Abstract

Research suggests women know and care less about personal finance than men but offers no explanations. Women in our sample score lower on basic finance questions and report lower motiva- tion to learn personal finance. Men and women report higher motivation when they say finance is “Very Important.” However, women who expect to make decisions with a spouse report lower moti- vation than do women who expect to make decisions alone. Men’s motivation does not vary with such expectations. Our results suggest women are less motivated to become financially literate when they lack confidence and when they expect to share financial responsibilities.