We estimate a latent class model and predict the probability that respondents truly know the correct answers. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions measuring financial knowledge, but when this response option is unavailable, they often choose the correct answer. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Tabea Bucher-Koenen, Rob Alessie, Annamaria Lusardi, and Maarten van RooijĪbstract: Women are less financially literate than men. Survey responses indicate that millennials and Gen Z are highly motivated to improve their financial literacy and savings.įearless Woman: Financial Literacy and Stock Market Participation While the pandemic has increased uncertainty and financial anxiety, it also provides an opportunity for financial education. Millennials are struggling with debt and debt management, whereas Gen Z struggles with uncertain income and unexpected expenses. We also find that the main financial challenges and sources of anxiety differ by generation. We find that the pandemic has had a large impact on individuals’ debt and financial anxiety. We examine responses to a novel survey conducted in May 2021 to understand how the pandemic has influenced personal finances of individuals 40 and under. Millennials’ and Gen Z’s Money Management During COVID-19: Challenges and OpportunitiesĪbstract: The economic consequences of the COVID-19 pandemic have not been felt equally among individuals, with millennials and Gen Z among those hit hardest.

International Federation of Finance Museums Meetings.

Fed/GFLEC Financial Literacy Seminar Series.

OECD/GFLEC Global Policy Research Symposium to Advance Financial Literacy.

Cherry Blossom Financial Education Institute.

Managing Personal Finances During Coronavirus (COVID-19).

International Federation of Finance Museums.

G53 Financial Literacy and Personal Finance Network.

What’s the Big Idea in Financial Literacy?.

The Meta-Analysis of Financial Education Programs.

Money, financial literacy and risk in the digital age.The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index).

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