Financial literacy in women has been on the agenda for years. Yet research tells us that one in four women is still financially illiterate. In 2022, women are still being left behind when it comes to having control over and benefiting from their finances.
In Europe, women have less control over money in the household and are less likely to enter the job market than men. When they do enter the market, their salaries overall are likely to be lower. The UN has warned that, globally, the Covid-19 crisis threatens to wipe out a “generation of gains” of women on the path to financial equality.
This “lag” for women is the result of a deeply rooted gender culture that needs to be overcome. It isn’t that women can’t learn about financial technicalities or apply their learning; it’s just that they need the time, space and education to do so.
Dr Giovanna Paladino, Director and Curator of the Museum of Savings at Intesa Sanpaolo, says: “Culture is difficult to change especially when it is deeply rooted across gender and across different levels of education. To change the culture we need to involve the entire village.”