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Financial literacy and its relationship with the personal financial decisions: an analysis of gender differences

In: Tópicos Selectos sobre Inclusión y Educación Finnaciera en el Contexto Mexicano

Author

Listed:
  • Hernández-Mejía, Sergio

    (UCC)

  • Manrique-Morteo, Georgina

    (Colegio Jurista)

  • Venegas-Martínez, Francisco

    (Instituto Politécnico Nacional)

Abstract

This article analyzes financial literacy and its relationship with decision-making in personal finance according to gender. The type of study is non-experimental and cross-sectioned, whose purpose is to measure financial literacy by means of three questions on the concepts of interest rate, inflation and risk diversification, proposed by Lusardi and Mitchel (2006). From a descriptive analysis, it is identified that the group of women have the highest scores on the administration of money, spending and credit, savings and investment; regarding financial literacy, the difference between genders is not significant. To verify the hypothesis of knowledge difference by gender, we make use of the z statistic of difference of population proportions.

Suggested Citation

  • Hernández-Mejía, Sergio & Manrique-Morteo, Georgina & Venegas-Martínez, Francisco, 2019. "Financial literacy and its relationship with the personal financial decisions: an analysis of gender differences," Sección de Estudios de Posgrado e Investigación de la Escuela Superios de Economía del Instituto Politécnico Nacional, in: Moreno-García, Elena & Venegas-Martínez, Francisco & Baraya, Aristides R. (ed.), Tópicos Selectos sobre Inclusión y Educación Finnaciera en el Contexto Mexicano, volume 1, chapter 7, pages 257-287, Escuela Superior de Economía, Instituto Politécnico Nacional.
    • Handle: RePEc:ipn:capitu:044
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    References listed on IDEAS

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    1. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    2. Lusardi, Annamaria & Tufano, Peter, 2015. "Debt literacy, financial experiences, and overindebtedness," Journal of Pension Economics and Finance, Cambridge University Press, vol. 14(4), pages 332-368, October.
    3. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy and retirement planning in the United States," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 509-525, October.
    4. Annamaria Lusardi & Olivia S. Mitchell & Vilsa Curto, 2009. "Financial Literacy among the Young," Working Papers wp191, University of Michigan, Michigan Retirement Research Center.
    5. Adele Atkinson & Flore-Anne Messy, 2012. "Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study," OECD Working Papers on Finance, Insurance and Private Pensions 15, OECD Publishing.
    6. Ardic, Oya Pinar & Heimann, Maximilien & Mylenko, Nataliya, 2011. "Access to financial services and the financial inclusion agenda around the world : a cross-country analysis with a new data set," Policy Research Working Paper Series 5537, The World Bank.
    7. Victor Stango & Jonathan Zinman, 2009. "Exponential Growth Bias and Household Finance," Journal of Finance, American Finance Association, vol. 64(6), pages 2807-2849, December.
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