Gender disparity also affects money management at home” title=”Gender disparity also affects money management at home” class=”wp-image-64545″/>
According to research commissioned by KRUK Italia on the occasion of the first ‘Debt Free Day’, it emerges that 1 Italian out of 2 has debt[1] and that women and men they have very different roles in economic management of the family unit.
The survey gives us a picture in which women take care of small household expenses while men take care of the management of the current account, investments and debts. Achieving in an all-female economic management insecurity, 37% of women they feel worried and insecure, and say they want to be more capable in managing finances.
Data in hand, it is precisely at home that the differences begin: they are more women manage the shopping cart independently (43% vs. men 35%)while men have the most substantial financial management of the family unit in their hands. There are significantly more men who sign up the administration of current accounts active, savings and even gods debts, compared to women. The investments furthermore, I am the voice that most highlights the gender disparity in management with a 55% of men vs. 35% of womenwith ben 20 percentage point gap between the two sexes.
In Italy, women are more educated than men (24.9% of 25-64 year olds have a degree vs. 18.3% of men). As known and confirmed by Istat data2, though women perform better in education, this is not reflected in a job advantage: the female employment rate is significantly lower than the male one (59.0% versus 79.3%). There are many reasons, including lack of services such as nursery schools and a adequate welfare for familiesdeep-rooted cultural factors and barriers that prevent women from accessing certain professions.
With the management of the main expenditure items being unbalanced towards men, traditionally it is men who incur more debt. According to the study 57% of men vs. 43% of women he has a debt and among those who have more than one, men are at 32% while women are at 28%. This diversity is mainly attributable to the fact that significantly fewer women are responsible for managing the main economic items of the family unit compared to men.
As proof that the practical aspect of managing finances is key to correct financial literacy, there is some illustrative evidence: the study shows that women have more negative feelings when they think about loans and financing; the gap prevails at 33%, while for men at 27%, they feel very discouraged 22% vs. 12% of menthey feel disesteem towards themselves 36% vs. 29% of the men and so they try anxiety and worry (29% vs. men at 15%).
Circa 1/4 of women said they felt insecure about their financial skills and being confused both about her economic situation and about the tools to use to improve it. On the other hand, if male partners control current accounts and investments, how could a woman have any idea of how the family budget is going and what she can do to improve her situation?
The debt expert, for years, has encouraged better financial education for the benefit of greater awareness in money management and underlines how economic independence for everyone, but especially for the female gender, is also fundamental in combating gender violence : “We have a privileged point of view on debts and their trend, because we come into contact with many families with whom we work to get out of them. And indeed, the real economy is learned on a daily basis with the management, not only of spending, but of investments, savings and debts. This is why it is essential that women become more familiar with all aspects of economic management, so that they can be more free to make their own choices.” Simona Scarpa, Field Manager of KRUK Italia.
[1]Questionnaire administered to a sample of 1247 people, aged between 18 and 65, both men and women, between 18 and 22 October, with an oversampling in Liguria, Lombardy, Emilia Romagna, Tuscany, Lazio, Campania, Puglia and Sicily
*2 Education levels and employment returns year 2023 (July 2024)
Financial management by implementing initiatives that enhance financial education for women and support equal opportunities in the workforce. Policies such as subsidizing financial literacy programs, promoting gender diversity in financial institutions, and enforcing equal pay regulations can help raise awareness and empower women to participate more actively in financial decision-making. Furthermore, governments can support work-life balance policies that make it easier for women to pursue high-paying careers without compromising their family responsibilities, ultimately leading to greater financial independence and empowerment for women
Guest 1: Simona Scarpa, Field Manager of KRUK Italia
Question 1: How do you think the gender disparity in financial management affects the overall economic well-being of families in Italy?
Simona: The gender disparity in financial management starts in the small things at home—like who takes care of the groceries and pays the bills—and extends to bigger decisions like investments and debt management. This discrepancy ultimately translates into fewer women understanding their family’s financial situation, and hence, they are less prepared to make informed choices about saving and spending. Without proper knowledge and confidence in money matters, it becomes challenging for women to contribute significantly to household finances and investments. More importantly, the lack of financial independence can lead to vulnerability and dependency, contributing to gender-based violence.
Question 2: What are some of the measures that can be implemented to empower women financially?
Simona: Starting with education, we need to create an environment where women are encouraged to learn about financial management and investments. This can happen through financial literacy programs targeted specifically at women. Additionally, we need to address the cultural barriers that prevent women from entering professions with better earning potential and create more flexible work arrangements to allow for a better work-life balance. we need to make childcare and elderly care more accessible and affordable to enable women to participate fully in the paid workforce.
Guest 2: Carla Monti, Economic Journalist
Question 1: What is your perspective on the gender gap in financial literacy and management?
Carla: The findings of the KRUK Italia survey are not surprising given the historical disparity in education and employment between men and women in Italy. Women have always been the ones primarily responsible for household management, including finances, but have not been given equal opportunities for financial education or decision-making power. This gap in financial knowledge and confidence can lead to negative emotions and feelings of insecurity. However, it’s important not to generalize as there are always exceptions, and education and exposure can help bridge the gap.
Question 2: What role do you see government policies playing in promoting gender equality in financial management?
Carla: Government policies can play a significant role in promoting gender equality in
