BERLIN, (Xinhua) — In most countries of the world, women know less about financial matters than men do on average, the findings of a study by the German Institute for Economic Research (DIW Berlin) showed on Monday.
“Cultural factors play a key role in addition to income, education and experience,” noted DIW Berlin after examining the causes for the gender gap in financial literacy in several countries.
“Better financial literacy would mean more financial security for women in retirement,” said the study, which focused on Germany, the United States and Thailand.
According to the study, men in Germany and the United States outperform women on financial literacy tests, even some of the women are with higher educational levels.
However, in Thailand, women know at least as much about financial matters and money as men do.
“In Thai culture, women often have the financial responsibility in the household. On this point, equality between men and women is greater there than in Germany and the United States,” said Antonia Grohmann, the author of the study.