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Tackling the gender gap in financial literacy. Evidence from a financial education program in the workplace

Author

Listed:
  • Alessio D'Ignazio

    (Bank of Italy)

  • Ludovica Galotto

    (Bank of Italy)

  • Cristiana Rampazzi

    (Bank of Italy)

Abstract

This paper evaluates the effectiveness of 'Women matter', a financial education program provided by the Bank of Italy to tackle the gender gap in financial literacy. We exploit data collected during the pilot edition of the initiative, undertaken from May 2022 to April 2024 and aimed at female employees. The sample consists of about 200 workers, including both program participants and non-participants, with the latter being similar to the former across a wide range of observable characteristics. We find that attending the program leads to a sizeable increase in the participants' financial competences, corresponding to about 30 per cent of the financial literacy score measured before the course. Moreover, the program is more effective for younger recipients and for those less familiar with financial instruments. Finally, we show that the teacher's level of financial literacy directly affects the success of the program.

Suggested Citation

  • Alessio D'Ignazio & Ludovica Galotto & Cristiana Rampazzi, 2024. "Tackling the gender gap in financial literacy. Evidence from a financial education program in the workplace," Questioni di Economia e Finanza (Occasional Papers) 855, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_855_24
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2024-0855/QEF_855_24.pdf
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial literacy; financial education for adults; gender gap;
    All these keywords.

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • G5 - Financial Economics - - Household Finance

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