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Stereotypes, Financial Literacy, and Confidence: An Information Provision Experiment

Authors: Peter, Julia; Schuetz, Jana;

Stereotypes, Financial Literacy, and Confidence: An Information Provision Experiment

Abstract

Financial literacy is an important prerequisite for making informed financial decisions, but it remains low, especially among women and older people. Internalized stereotypes can undermine confidence and subsequently affect behavior in financial matters, leading to suboptimal decisions. This paper investigates how stereotype salience affects confidence in financial literacy. In an information provision experiment, we inform respondents about age or gender differences in numeracy to examine the impact on financial literacy, confidence, hypothetical investment and saving decisions, and demand for information and education. We find that being informed about age differences has no significant effect. In contrast, being informed about gender differences increases the confidence of male respondents through a stereotype boost, while leaving female respondents largely unaffected.

Keywords

J16, ddc:330, C90, I24, D91, G53, survey experiment, numeracy, gender stereotypes, age stereotypes

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
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