Technology was supposed to broaden access to financial services and help to eliminate economic inequalities. But so far the explosion of banking and investment apps has failed to narrow one persistent divide: the gender gap in financial inclusion. Policymakers should take note. In the post-pandemic recovery, they cannot entrust the market forces of fintech to support female economic empowerment.
Using data from the Dutch central bank, an April paper from the National Bureau of Economic Research shows that confidence also plays a role. When answering multiple-choice questions about finance, women were more likely to choose the “do not know” option than men. But absent that option, women often got the answer right, narrowing the gap in financial literacy substantially. In fact, the researchers concluded that as much as one-third of this gap can be explained by lacking confidence.
The researchers found other differences, however, that can help explain it. Women appeared less comfortable with sharing data and less interested in cheaper offerings. Women were also less willing to try out a fintech bank even if it offered a product better suited to their lifestyle. Strip out these differences and the gap in fintech adoption narrows from eight to just more than two percentage points.
And the government is prioritising polyandary
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