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The Influence of Gender and Household Culture on Financial Literacy Knowledge; Attitudes and Behaviour

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  • Stephen Agnew
  • Trudi Cameron-Agnew

Abstract

This study of over 500 fifteen year old high school students in New Zealand found that boys have earlier financial discussions with their parents than girls, with the age of first discussion having a significant impact on financial literacy quiz scores for boys, but not for girls. Boys were found to have more positive attitudes than girls about financial matters, specifically around saving and spending. Boys were also found to impulse spend less than girls. Impulse spending behaviour of girls could be mitigated to a certain extent by the education level of the girls' mothers, while a more educated father is correlated with a higher financial literacy quiz score for both boys and girls, after controlling for socioeconomic status. It is suggested that parents need to be aware of how gender stereotypes, and the «financial culture» in the home ultimately impacts on the financial knowledge, attitudes and behaviours of their children.

Suggested Citation

  • Stephen Agnew & Trudi Cameron-Agnew, 2015. "The Influence of Gender and Household Culture on Financial Literacy Knowledge; Attitudes and Behaviour," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 31-50, June.
    • Handle: RePEc:mul:jdp901:doi:10.12831/80529:y:2015:i:1:p:31-50
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    References listed on IDEAS

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    1. Agnew, Steve & Harrison, Neil, 2015. "Financial literacy and student attitudes to debt: A cross national study examining the influence of gender on personal finance concepts," Journal of Retailing and Consumer Services, Elsevier, vol. 25(C), pages 122-129.
    2. Raquel Fonseca & Kathleen J. Mullen & Gema Zamarro & Julie Zissimopoulos, 2012. "What Explains the Gender Gap in Financial Literacy? The Role of Household Decision Making," Journal of Consumer Affairs, Wiley Blackwell, pages 90-106.
    3. Sandra Braunstein & Carolyn Welch, 2002. "Financial literacy: an overview of practice, research, and policy," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 88(Nov), pages 445-457, November.
    4. Annamaria Lusardi, 2011. "Americans' Financial Capability," NBER Working Papers 17103, National Bureau of Economic Research, Inc.
    5. Raquel Fonseca & Kathleen J. Mullen & Gema Zamarro & Julie Zissimopoulos, 2012. "What Explains the Gender Gap in Financial Literacy? The Role of Household Decision Making," Journal of Consumer Affairs, Wiley Blackwell, vol. 46(1), pages 90-106, March.
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