Elisabet Ruiz-Dotras

Economics and Business Department, Universitat Oberta de Catalunya, Barcelona, Spain

E-mail: eruizd@uoc.edu

ORCID 0000-0001-5595-6446 

Exploring gender differences in the financial literacy decision-making

Josep Lladós-Masllorens

Economics and Business Department, Universitat Oberta de Catalunya, Barcelona, Spain

E-mail: jlladosm@uoc.edu

ORCID 0000-0002-6236-5166

Krystyna Mitręga-Niestrój

Department of Banking and Financial Markets, University of Economics in Katowice, Katowice, Poland

E-mail: krystyna.mitrega-niestroj@ue.katowice.pl

ORCID 0000-0001-9891-2558

Abstract. This study investigates how individuals choose to become financially literate and how these decisions account for the gender gap in financial literacy, the underlying mechanisms of which are not clear enough. To this end, a sample group of undergraduates at an online university is explored and multivariate regression analyses and Oaxaca-Blinder decompositions are performed in relation to the different learning options and personal features. Results indicate that individuals who utilize multiple learning sources tend to achieve higher levels of financial literacy. The study also reveals the different strategies adopted by men and women in their endeavours to enhance their financial skills. While men show a stronger interest in financing their financial education through non-formal and self-directed learning processes, women tend to prefer acquiring financial skills through formal education, workplace training and the use of internet, which are often available at no cost. Understanding how and why men and women have different levels of financial literacy is crucial for the design and implementation of policies to improve personal and household financial management, reduce the gender gap and improve financial inclusion. 

Received: May, 2024

1st Revision: July, 2025

Accepted: September, 2025

DOI: 10.14254/2071-789X.2025/18-3/5

JEL Classification: D14, J16, J71

Keywords: financial literacy, financial inclusion, gender differences, financial education, Spain