Thai Middle-Class Women Are Not Falling Behind In Financial Literacy

Roy Kouwenberg^*
*Correspondence: Roy Kouwenberg, Department of Management, Mahidol University, 69 Vipawadee Rangsit Road, Samsennai, Phayathai District, Bangkok 10400, Thailand, Email:

Keywords

Financial literacy • Wage • Sector

Introduction

This could point to other methods to address the gender gap in financial literacy. In many areas of their lives, people must make financial decisions that have long-term effects. They make decisions on whether to save money, how to invest their resources, whether to take on debt and what kind, what insurance to get, and how to handle retirement funds. Even though these choices must be made frequently, many people don't seem to have the necessary skills. Their general lack of financial literacy, which is frequently worse in women than in men and which results in unfavourable financial behaviour, is one pervasive shortcoming that is of special interest to us [1].

Since numerous studies have noted that women have lower financial literacy than men do refer to this widespread finding as the "gender gap" in financial literacy. Similar data on this gap was recently made available in their global study on financial literacy. In 134 out of 143 nations, men have a higher level of financial literacy than women do, according to the findings of though not necessarily by a large margin. In relation to the gender gap, it is important to highlight that Thai women are active in both public and private activities, and that educated middle-class women appear to possess the same level of self-assurance as their counterparts in advanced nations. The gender gap in financial literacy may be narrowed but not necessarily eliminated by such factors. Surprisingly, we do not discover in our sample evidence that women are less financially literate than men. Differences in education, income, or financial responsibility have no bearing on this outcome. In contrast to research from formerly socialist nations, which shows equality at a low level of financial literacy, this is the first study to document robust gender equality at a greater level of financial literacy. This new data offers additional insights into [2].

Discussion

This new information sheds further light on potential causes of the gender gap and potential legislative solutions. Why do we obtain this outcome? There are three reasons why this gender gap is missing: a different study design, a different sample size, and a different nation. The explanation is unlikely to be found here since, as we demonstrate later in Sections 3 and 4, our study design is conventional by design. In terms of sample makeup, we are different from the majority of research that strive for samples that are representative of the adult population. However, we demonstrate that the outcomes are not driven by our specific sample, which consists of people with high incomes, strong education levels, and financial prudence [3].

Our data shows that "the country" is the most likely candidate to account for our peculiar observation. A minor gender difference in financial literacy appears to be supported by gender equality in general and with regard to information particular to the finance industry. Gender equality in math proficiency and women's responsibility for financial matters are among these country traits specific to finance. More generally, this suggests that the gender disparity in financial literacy may be linked to the unique role that women play in society. We carry out a specially created questionnaire survey to enable an examination of gender-related financial literacy. The data section below provides a detailed description of this survey study, which includes information on 530 middle-class Bangkok residents. Importantly, this poll includes data on participants' socioeconomic status [4].

By studying a group of Thai middle-class individuals, we add to the body of research in this area. The literature on the gender gap in financial literacy is recent in this nation. We see that Thai women are active in both public and private matters, so it may be intriguing. If there is any discrimination at all in their hiring practises and pay scales, it appears to be minimal Women are disproportionately represented in the finance sector, for example, in the asset management sector. The gender gap in financial literacy may be narrowed but not necessarily eliminated by such factors. Although these observations suggest a generally smaller gender disparity by country, we deliberately focus on the middle class. persons who are relatively wealthier and more educated for three reasons. The studies from advanced economies that predominate in the literature are more comparable to this group. (ii) A more homogeneous group helps highlight the "pure" effect of gender more effectively. (iii) Campbell (2006) makes the case that financial literacy is essential for the middle class in emerging nations since financial affairs are in flux. Although there is a rising demand from this demographic for financial products, the market for financial services is evolving quickly and becoming more sophisticated. Therefore, we do not anticipate that conduct is being driven by a type of rational inattention to money matters. In this sample of working men and women, women do not underperform males in terms of financial literacy, which is surprising given the literature [5].

Conclusion

Differences in education, income, or financial management responsibilities cannot account for this result. As a result, it is the first finding to show strong gender equality at a higher level of financial literacy. Evidence from formerly socialist nations, however, demonstrates equality at a low level of financial knowledge. Our new research offers more insights into potential reasons of the gender gap and what policies could lower it, even though we are only looking at working men and women and there may still be a gender disparity between all men and women in Thailand.

Acknowledgement

None.

Conflict of Interest

None.

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