Is there a Gender Difference in Financial Literacy in Iceland, The Most Gender Equal Country in the World?
We examine gender difference in financial literacy. While most research indicates that women are less financial literate than men, this is often attributed to social factors. We therefore ask whether gender differences in financial literacy are present in Iceland, the most gender equal country in the world. If financial literacy is based on social norms and issues, gender difference in financial literacy should be less in countries like Iceland where women are highly economically empowered. Using a representative sample from the Icelandic population and controlling for a host of factors, despite strong gender equality in Iceland, we find women to be less financial literate than men.
Keywords - Financial literacy, gender, Iceland
JEL Classifications Codes - F65 (Finance), G53(Financial Literacy),j16 (Economics of Gender).