Impact of Gender and Academic Performance Differences on Financial Literacy

33 Pages Posted: 28 Feb 2014

See all articles by Gustavo A. Barboza

Gustavo A. Barboza

Clarion University - College of Business Administration

Chad Smith

Clarion University - College of Business Administration

James Pesek

Clarion University - College of Business Administration

Date Written: February 27, 2014

Abstract

This paper studies the effects of gender and academic performance differences on overall financial literacy using a sample of 380 college students. Exploratory estimates using a series of Probit and Ordered Probit models indicate that academic performance – measured by GPA – and gender are significant determinants in observed differences across individuals relating to their financial literacy. In particular, our exploratory results provide robust evidence indicating that females are significantly much more likely to hold lower overall levels of financial literacy than males. Also, we find a strong positive relationship in favor of those holding the highest GPA to demonstrate a significantly much higher level of financial literacy than otherwise. Therefore female students holding lower GPA scores are ill equipped to successfully conduct efficient financial decisions. Also, empirical evidence from our sample indicates that people report higher levels of self-assessed financial literacy vis-à-vis actual financial literacy. Our results make evident an issue of great concern.

Keywords: Financial Literacy, Gender, and Academic Performance

JEL Classification: I21, J160, I22

Suggested Citation

Barboza, Gustavo A. and Smith, Chad and Pesek, James, Impact of Gender and Academic Performance Differences on Financial Literacy (February 27, 2014). Available at SSRN: https://ssrn.com/abstract=2402172 or http://dx.doi.org/10.2139/ssrn.2402172

Gustavo A. Barboza (Contact Author)

Clarion University - College of Business Administration ( email )

305 Still Hall
Clarion, PA 16214
United States

Chad Smith

Clarion University - College of Business Administration ( email )

Clarion, PA 16214
United States

James Pesek

Clarion University - College of Business Administration ( email )

Clarion, PA 16214
United States

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