Advertisement
Are men actually better though? Or do they just think that they are?
Previous studies in the U.S have shown that gender gaps exist in financial literacy, with men being more financially literate than women.
Frances Woolley, a Professor of Economics at Carleton University, analyzed Statistics Canada’s Canadian Financial Capabilities Survey, along with Vincent and Taylor Hui, to determine if similar gaps exist in Canada.
She discovered that such gaps do exist and that married men typically score highest on financial literacy surveys. Woolley explains that a number of factors may be at play – namely that men are likely to be more confident about their financial knowledge than women, it is more socially acceptable for women to profess ignorance about finances and that questions on these surveys tend to skew towards what a man would know about finances (e.g. mutual funds vs. keeping to a food budget).
Single women were the least confident of respondents, with only 57% rating themselves as “good” at managing their finances. The most confident were married men – 70% said they were “good” at managing their finances.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Consumer debt reached a record $2.5 trillion last quarter. Find out what’s driving increased debt levels among certain groups...
Economists share how the temporary tax cut and relief cheques may play into Canada’s growth picture.
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
Nvidia beats earnings expectations as investors eye demand for Blackwell AI chips.
The world’s biggest cryptocurrency topped USD$98,000 on Nov. 21. As it inches ever closer to six figures, investors wonder:...
Canada’s inflation rate rose to 2% last month, up from 1.6% in September, but a December interest-rate cut is...
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
A new Desjardins report predicts rent inflation will slow in the next few years.
