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Money Matters: Financial literacy’s gender gap

October 4, 2019 11:00

Sponsored by NEFE

Research by the Global Financial Literacy Excellence Center (GFLEC) shows that, globally, financial literacy is still startlingly low – only 33% of adults can demonstrate understanding at least 3 in 4 financial concepts – but women show larger gaps in financial knowledge than men.

According to GFLEC’s Annamaria Lusardi, “women tend to have not just lower knowledge, but a lower confidence in their financial knowledge than men.”

To combat this, she says, financial education needs to start earlier – for boys and girls.

It could also be more thoughtfully integrated into schools’ curriculum. While some states require financial education in schools, many don’t.

And nonprofit groups focusing on girls and money have a role to play, too.

October 11 is the International Day of the Girl, an opportunity for consumer reporters to look at the financial literacy gender gap in their states.

Is financial education required in your state?

What do parents need to know about helping their kids learn to manage money?

Who is working in your area to teach girls money management skills?

Invest In Girls may be! The organization works with high school students to help them become financially literate and confident, as well as to explore careers in finance. The organization is currently working in six states.

Other sources for financial education could include the National Association of Economic Educators, which works with state councils across the country. The Federal Reserve, with central offices in 12 cities across the country, also develops money management resources for kids and works with other organizations to develop programs, like the Girl Scouts’ Money Manager Badge.

Check with any of these resources for programs and events in your area helping close the financial literacy gender gap.

Weekly Money Matters personal finance content for your newsroom is sponsored by the National Endowment for Financial Education


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