Early Financial Education, Financial Literacy, and Gender Equity in Finance. (27th June 2022)

• Record Type: Journal Article
• Authors: Bae, Kyounghun; Jang, Ga‐Young; Kang, Hyoung‐Goo; Tan, Pearleen
• Is Part Of: Asia-Pacific journal of financial studies. Volume 51:Number 3(2022)
• Page Start: 372
• Page End: 400
• Publication Date: 2022-06-27
• Subjects: Early education -- Financial behavior -- Financial education -- Financial literacy -- Gender equity; A21 -- H52 -- I24; Pacific Area -- Economic conditions -- Periodicals; Finance -- Asia -- Periodicals; Finance -- Pacific Area -- Periodicals; Asia -- Economic conditions -- Periodicals; 332.09505
• DOI: 10.1111/ajfs.12378
• Languages: English
• ISSNs: 2041-9945

Abstract

Abstract: This study investigates how to promote gender equity in finance through early financial education using survey responses gathered in Singapore. The empirical tests for the effect of financial education on financial literacy suggest that women who receive early financial education better understand the compounding effect of interest rates on loans, portfolio diversification, and mortgage payments. The impact of early financial education on financial behavior is also evident in women's increased participation in the stock market, insurance activities, and savings habits. The implications can be used to guide policymakers charged with promoting gender equity through early financial education.