Gender difference in financial behavior: a comparative analysis

Abstract

Purpose- Definition of financial inclusion; FI enables adults to access and efficaciously use a range of proper financial services. It plays a crucial role in raising economic growth in point of industry, firm and national level. Accessing to the products and services are achievable with financial inclusion. In the world, financial access is not reachable due to socio-economical reasons. Financial inclusion should involve the obstacles facing, reaching out access. This has an effect on decision makings and financial behaviors. However, gender disagregated statistics are not common in literature. All economies may reach economic growth, recognizing gender differences, and enhancing awareness among households. Aim of this study is to figure out the investing / borrowing behaviors of households. This study seeks “is there a gender difference in the level of financial behavior for Turkiye?”. Methodology- We employ a questionnaire to figure out if there exists a gender difference about various metrics in financial behavior. In the research method of this study, comparative analysis was made to reach out gender differences of respondents regarding financial behavior using excell with the help of coding. Google questionnaire prepared by authors was pre-tested and then authors maintaing to send the questionnaire via social media. 102 respondents were reached out. Firstly, it was made demographic analysis of respondents, and then it was analysed the financial behavior of respondents. Findings- Findings prove the fact that there is gender difference in behavior of making payments, savings, daily life, auto and home needs, making decisions, QR Code usage, awareness of Fintech products and number of credit cards. Majority of respondents feel confident about private pension system.. However, there is slightly difference in number of private pension contracts. In general, all respondents own a bank account. Money transfer, using a bank application behavior, does not differ among individuals. Conclusion- Based upon the analysis, it may be concluded that financial behavior affects individuals’ choices and this generates differences in terms of usage, needs, decisions and awareness. Socio-economical factor plays a crucial role regarding generating awareness in financial behavior. Keywords: Financial behavior, gender differences, financial inclusion, financial literacy, behaviors of households. JEL Codes: G40, G41, M10