Financial Literacy of Women: A Systematic Review of Predictors, Behaviours, and Financial Outcomes
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This systematic review examines the determinants of financial literacy among women, focusing on key predictors and financial outcomes. Financial literacy is essential for effective personal finance management, enabling informed savings, investments, and debt decisions. This review assesses current levels of financial literacy among women across different regions and socio-economic contexts, identifies influential factors, and evaluates interventions aimed at improving women’s financial literacy. The study includes a comprehensive search of databases such as Scopus, Elsevier, and Google Scholar, using predefined criteria to select relevant papers. Extracted data from the selected studies reveal significant disparities in financial literacy between men and women, with women generally scoring lower. Factors contributing to these disparities include socioeconomic status, educational attainment, cultural norms, and access to financial education. Studies indicate that women often have lower confidence and engagement in financial decision-making. The review emphasises the need for tailored financial education programs addressing the specific needs of diverse groups of women. Policy interventions that integrate financial education into school curricula and community programs are recommended to promote early and lifelong financial skills. The rise of digital financial services offers new opportunities for enhancing financial inclusion and literacy among women. Enhancing women’s financial literacy is crucial for their economic, social, and psychological empowerment, contributing to broader socio-economic development and gender equality.
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