Abstract
AbstractThis article examines the gender gap in subjective financial literacy of retail clients of a large commercial bank in Europe. Under the European regulatory context (MiFID), clients of banks and financial institutions have to complete risk‐profiling questionnaires; these data are especially useful for financial advisors. Using a database of banking records and MiFID questionnaire answers of more than 50,000 retail clients, we find that the gender gap in subjective financial literacy is significantly higher for individuals living as part of a couple. We consider 7,382 dual‐income couples with matched‐partner data and find some heterogeneity in their gender gap in subjective financial literacy. We identify the couple characteristics that explain either a classical (i.e., women exhibit a significantly lower self‐assessed financial knowledge than men) or an inverse gap and point out that subjective financial literacy of spouses is related to their financial management styles.
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