Gender gaps in financial literacy:a multi-arm RCT to break the response bias in surveys

  1. Hospido, Laura 1
  2. Iriberri, Nagore 2
  3. Machelett, Margarita 1
  1. 1 Banco de España
    info

    Banco de España

    Madrid, España

    ROR https://ror.org/02f26yq04

  2. 2 Universidad del País Vasco/Euskal Herriko Unibertsitatea
    info

    Universidad del País Vasco/Euskal Herriko Unibertsitatea

    Lejona, España

    ROR https://ror.org/000xsnr85

Journal:
Documentos de trabajo - Banco de España

ISSN: 0213-2710

Year of publication: 2024

Issue: 1

Type: Working paper

DOI: 10.53479/35752 DIALNET GOOGLE SCHOLAR lock_openOpen access editor

More publications in: Documentos de trabajo - Banco de España

Sustainable development goals

Abstract

Gender gaps in financial literacy are pervasive and persistent. While most studies explore why women know less, these gaps might also reflect differential behavior in providing responses in surveys. Women might be more likely to be uncertain, or men might be more likely to choose an answer when uncertain, while women might tend to opt for “I do not know”, leading to imprecise measures of the gender gap in financial literacy. We test for the effectiveness of three interventions to reduce the frequency of “I do not know”, in a randomized control trial online survey administered to 6,000 participants. The standard survey, our control group, includes the possibility of answering “I do not know”. The three treatment arms exclude the “I do not know” answer, offer incentives for correct answers or inform survey takers of the existing gender gap in choosing “I do not know”. All interventions are very effective in reducing the frequency of “I do not know”. The information is most effective for women, while the incentives are most effective for men. As regards gender gaps, only the provision of information significantly reduces the gender gap in choosing “I do not know”, as well as the gender gap in financial literacy.

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Data source: Dialnet