Men have a higher level of financial literacy than women. That’s one of the findings of a new study by Statistics Canada which reveals that 22 per cent of men correctly answered 5 of the 14 questions that were specifically related to the key issues of interest, inflation and risk diversification. This compared with 15 per cent among women. In addition, women (31 per cent) were less likely than men (43 per cent) to consider themselves financially knowledgeable.
The gender difference in financial knowledge was more pronounced among older Canadians, the university-educated and higher-income workers. Among graduates who were under 35, there was no gender disparity. The study was undertaken in 2014 and was released this week.
Among men who reported that they were mainly responsible for household finances, 33 per cent answered the five questions correctly. Among women who reported that their spouse was mainly responsible, 10 per cent answered the five questions correctly. A similar result is found among men who contributed relatively more to the couple's total household income than women.
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