The purpose of this study is to investigate the major factors affecting gender gap in children’s financial literacy by empirical analysis using microdata set. Even in lower elementary school grades, there is a difference in experience of talking about money or finance with their parents between boys and girls. More frequent parent-child discussion about money or finance has a positive impact on financial behavior and financial knowledge even in childhood.
In this analysis, girls are less financially knowledgeable than boys. The reason is that girls tend to answer ‘I don't know’, rather than possibly answer a question incorrectly, compared to boys. The differences in response patterns to questions about financial knowledge are persistent between boys and girls from their elementary school period. Furthermore, those children who answered ‘I don't know’ tend to have lower financial literacy and financial attitudes, lower abilities at mental arithmetic, not having personal bank account, and live in households with less cultural capital and parent-child discussion about money and finance. It is necessary to consider the effects of encouraging discussion and questioning gender-based attitudes and roles in both the home and school education.
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