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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 737:
Gender, Stock Market Participation and Financial Literacy

Johan Almenberg () and Anna Dreber ()

Abstract: omen typically participate less than men in the stock market, while also scoring lower on financial literacy. We explore the link between the gender gap in stock market participation and financial literacy. Using survey data on a random sample of 1,300 individuals that is representative of the Swedish population, we show that controlling for basic financial literacy, essentially a measure of numeracy that does not require knowledge about the stock market, may explain a large part of the gender gap in stock market participation. We also find that women report being less risk taking than men. This gender gap in risk attitudes remains significant also when controlling for financial literacy.

Keywords: stock market participation; gender; financial literacy; numeracy; risk attitudes; (follow links to similar papers)

JEL-Codes: D14; G11; (follow links to similar papers)

17 pages, August 10, 2011, Revised June 18, 2012

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This paper is published as:
Almenberg, Johan and Anna Dreber, (2015), 'Gender, Stock Market Participation and Financial Literacy', Economics Letters, pages 140-142



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