Is there a Gender Gap in Financial Inclusion across Countries?
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May 20, 2022
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Abstract
The aim of this paper is to examine the differences between men and women in 7 segments related to the financial inclusion. Research is based on the Global Findex Database for 2017. Sample comprises 144 countries worldwide. Authors applied nonparametric Wilcoxon Signed-Ranks test using a 95% confidence interval. Results of Wilcoxon Signed-Ranks test show that there are statistically significant differences between men and women in owning a financial institution account, saving at a financial institution, borrowing from a financial institution, owning a credit card, using a mobile phone or the Internet to access an account, using the Internet to pay bills or to buy something online, and making or receiving digital payments. In this regard, countries should focus their policies on measures to increase and improve women's financial inclusion, especially in the segments related to making or receiving digital payments and owning a financial institution account.
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References
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[43] Liébana-Cabanillas, Francisco José, Juan Sánchez-Fernández, and Francisco Muñoz-Leiva. 2014. "Role of gender on acceptance of mobile payment." Industrial Management & Data Systems, 114(2): 220–240.
[44] Limbu, Yam, Bruce Huhmann, and Bing Xu. 2012. "Are college students at greater risk of credit card abuse? Age, gender, materialism and parental influence on consumer response to credit cards." Journal of Financial Services Marketing, 17(2): 148–162.
[45] Liu, Estelle Xue, and Alfredo Cuevas. 2021. "Stay Competitive in the Digital Age: The Future of Banks." International Monetary Fund.
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[47] Mascia, Danilo V, and Stefania P.S. Rossi. 2017. "Is there a gender effect on the cost of bank financing?." Journal of Financial Stability, 31: 136–153.
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[56] Women’s World Banking. 2015. Gender Performance Indicators 2.0: How well are we serving women?. Women’s World Banking.
[57] World Bank Group. 2018. Women, Business and the Law 2018. Washington, DC: World Bank.
[2] Achakpa, Priscilla, and Mirjana Radović-Marković. 2018. "Employment women through entrepreneurship development and education in developing countries." Journal of Women's Entrepreneurship and Education, (1/2): 17–30.
[3] Akhlaq, Ather, and Ejaz Ahmed. 2016. "Gender differences among online shopping factors in Pakistan." Organizations and Markets in Emerging Economies, 7(1): 74–86.
[4] Ali, Majid, Hafiz Abdur Rashid, Muhammad Hasnain Ali, Muhammad Usman, and Aamir Sohail. 2021. "Assessment of Customers E-loyalty in digital banking During Covid-19: An application of 8C model. " Assessment, 12(1): 1054–1062.
[5] Alliance for Financial Inclusion – AFI. 2017. Integrating gender and women’s financial inclusion into national strategies a guideline note developed by members of the financial inclusion strategy (FIS) peer learning group. Guideline Note No. 27.
[6] Ameme, Bright Kwame. 2015. "The impact of customer demographic variables on the adoption and use of Internet banking in developing economies." Journal of Internet Banking and Commerce, 20(2): 1204–5357.
[7] Asaduzzaman, Md, R. N. Ali Kabir, and Mirjana Radović-Marković. 2015. "Gender inequality in Bangladesh." Journal of Women's Entrepreneurship and Education, (3-4): 54–64.
[8] Awan, Mahmood, and Han Chiang Ho. 2018. "The Effect of Gender Differences on Online Shopping Payment Methods: An Abstract." In: Back to the Future: Using Marketing Basics to Provide Customer Value, ed. Nina Krey and Patricia Rossi, 137–138. New York: Springer, Cham.
[9] Bala, Shashi, and Puja Singhal. 2018. "Gender digital divide in India: a case of inter-regional analysis of Uttar Pradesh." Journal of Information, Communication and Ethics in Society, 16(2): 173–192.
[10] Bamoriya, Prerna Sharma, and Preeti Singh. 2012. "Mobile banking in India: Barriers in adoption and service preferences." Journal of Management, 5(1): 1–7.
[11] Botrić, Valerija, and Broz, Tanja. 2017. "Gender differences in financial inclusion: Central and SouthEastern Europe." South-Eastern Europe Journal of Economics, 15(2): 209–227.
[12] Bradić-Martinović, Aleksandra, and Jelena Banović. 2018. "Assessment of Digital Skills in Serbia with Focus on Gender Gap." Journal of Women's Entrepreneurship and Education, (1-2): 54–67.
[13] Cabeza-García, Laura, Esther B. Del Brio, and Mery Luz Oscanoa-Victorio. 2019. "Female financial inclusion and its impacts on inclusive economic development." Women’s Studies International Forum, 77: 102300.
[14] Çankaya, Serkan, Meltem Ucal, and Mary O'Neil. 2011. "Effects of gender on credit card usage among university students in Turkey." African Journal of Business Management, 5(22): 9023–9030.
[15] Chamboko, Richard, Soren Heitmann, and Morne Van Der Westhuizen. 2018. Women and digital financial services in Sub-Saharan Africa: Understanding the challenges and harnessing the opportunities. Field Note 10, 1–14. The World Bank.
[16] Chen, Sharon, Sebastian Doerr, Jon Frost, Leonardo Gambacorta and Hyun Song Shin. 2021. "The fintech gender gap." BIS Working Papers No 931. The Monetary and Economic Department of the Bank for International Settlements.
[17] Cuéllar, Lilianne, and Isabel Pavón. 2021. "Financial inclusion as a pillar of sustainable growth: international experience." Ekonomski horizonti, 23(2): 107–121.
[18] Deere, Carmen Diana, and Zachary B. Catanzarite. 2018. "Who borrows to accumulate assets? Class, gender and indebtedness in Ecuador’s credit market." CEPAL Review, 2017(122): 107–126.
[19] Deléchat, Corinne, Monique Newiak Rui Xu, Fan Yang, and Goksu Aslan. 2018. "What is Driving Women's Financial Inclusion Across Countries?." IMF Working Paper No. 18/38.
[20] Demirgüç-Kunt, Asli, Leora Klapper, and Dorothe Singer. 2013. "Financial inclusion and legal discrimination against women: Evidence from developing countries." Policy Research Working Paper No. 6416. World Bank, Washington, DC.
[21] Demirgüç-Kunt, Asli, Leora Klapper, and Dorothe Singer. 2017. "Financial inclusion and inclusive growth: A review of recent empirical evidence. World Bank Policy Research Working Paper 8040. World Bank, Washington, DC.
[22] Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and Jake Hess. 2018. "The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution." World Bank: Washington, DC.
[23] Domazet, Ivana, and Slađana Neogradi. 2019. "Digital Marketing and Service Industry: Digital Marketing in the Banking Industry." In Managing Diversity, Innovation, and Infrastructure in Digital Business, ed. Nilanjan Ray, 20–40. Hershey: IGI Global.
[24] European Institute for Gender Equality. 2021. Gender Equality Index 2020: Digitalisation and the future of work. www.eige.europa.eu (accessed August 20, 2021)
[25] Faqih, Khaled M.S., and Mohammed-Issa Riad Mousa Jaradat. 2015. "Assessing the moderating effect of gender differences and individualism-collectivism at individual-level on the adoption of mobile commerce technology: TAM3 perspective." Journal of Retailing and Consumer Services, 22: 37–52.
[26] Finnegan, Gerry. 2015. "Strategies for women’s financial inclusion in the commonwealth." Women's Financial Inclusion Discussion Paper. Commonwealth Secretariat.
[27] Gan, Lydia L., Ramin C. Maysami, and Hian Chye Koh. 2008. "Singapore credit cardholders: ownership, usage patterns, and perceptions." Journal of Services Marketing, 22(4): 267–279.
[28] Freeman, Richard B. 1993. "How Much Has Deunionization Contributed to the Rise in Male Earnings Equality?" In Uneven Tide: Rising Income Inequality in America, ed. Sheldon Danzinger and Peter Gottschalk, 133–63. New York: Russell Sage Foundation.
[29] Peterlechner, Lisa. 2021. "Women’s Financial Inclusion Toolkit: Paving the way for women's economic empowerment." Deutsche Gesellschaft für Internationale Zusammenarbeit.
[30] Goh, Tiong-Thye, and Susan Sun. 2014. "Exploring gender differences in Islamic mobile banking acceptance." Electronic Commerce Research, 14(4): 435–458.
[31] Harten, Sven, and Sinja Buri. 2014. "Who Are the Microfinance Clients? A case study on customer segmentation and product development." Field notes #3. The Partnership For Financial Inclusion.
[32] Hasan, Bassam. 2010. "Exploring gender differences in online shopping attitude." Computers in Human Behavior, 26(4): 597–601.
[33] Hasler, Andrea, and Annamaria Lusardi. 2017. "The gender gap in financial literacy: A global perspective." Global Financial Literacy Excellence Center, The George Washington University School of Business.
[34] Holloway, Kyle, Zahra Niazi, and Rebecca Rouse. 2017. "Women’s Economic Empowerment through Financial Inclusion: A Review of Existing Evidence and Remaining Knowledge Gaps." Innovations for Poverty Action.
[35] Jhabvala, Renana, and Jenna Harvey. 2016. "Financial and digital inclusion from the perspective of women in the informal economy." UN Secretary-General’s High-Level Panel on Women’s Economic Empowerment.
[36] Kalinić, Zoran, Francisco J. Liébana-Cabanillas, Francisco Muñoz-Leiva, and Veljko Marinković. 2019. "The moderating impact of gender on the acceptance of peer-to-peer mobile payment systems." International Journal of Bank Marketing, 38(1): 138–158.
[37] Khare, Arpita, Anshuman Khare, and Shveta Singh. 2012. "Factors affecting credit card use in India." Asia Pacific Journal of Marketing and Logistics, 24(2): 236–256.
[38] Kulkarni, Lalitagauri, and Anandita Ghosh. 2021. "Gender disparity in the digitalization of financial services: challenges and promises for women's financial inclusion in India." Gender, Technology and Development, 1–18.
[39] Kumar, Neeraj, Sakshi Sharma, and Muktak Vyas. 2019. "Impact of digital banking on financial inclusion: An investigation on youngsters in Rupnagar city, Punjab." International Journal of Management, IT and Engineering, 9(5): 365–374.
[40] Kuroda, Reiko, Mariana Lopez, Janelle Sasaki, and Michelle Settecase. 2019. "The digital gender gap." W20 Japan, EY-GSMA.
[41] Laukkanen, Tommi. 2016. "Consumer adoption versus rejection decisions in seemingly similar service innovations: The case of the Internet and mobile banking." Journal of Business Research, 69(7): 2432–2439.
[42] Lee, Jean N., Jonathan Morduch, Saravana Ravindran, and Abu S. Shonchoy. 2021. "Narrowing the Gender Gap in Mobile Banking." Working Papers 2108, Florida International University, Department of Economics.
[43] Liébana-Cabanillas, Francisco José, Juan Sánchez-Fernández, and Francisco Muñoz-Leiva. 2014. "Role of gender on acceptance of mobile payment." Industrial Management & Data Systems, 114(2): 220–240.
[44] Limbu, Yam, Bruce Huhmann, and Bing Xu. 2012. "Are college students at greater risk of credit card abuse? Age, gender, materialism and parental influence on consumer response to credit cards." Journal of Financial Services Marketing, 17(2): 148–162.
[45] Liu, Estelle Xue, and Alfredo Cuevas. 2021. "Stay Competitive in the Digital Age: The Future of Banks." International Monetary Fund.
[46] Makhkamova, Gulbakhor M, and Khabibullo Saidmurodov. 2019. "Financial technologies as a factor of financial inclusion of women." Advances in Business-related Scientific Research Journal, 10(2): 45–56.
[47] Mascia, Danilo V, and Stefania P.S. Rossi. 2017. "Is there a gender effect on the cost of bank financing?." Journal of Financial Stability, 31: 136–153.
[48] Morsy, Hanan. 2020. "Access to finance–Mind the gender gap." The Quarterly Review of Economics and Finance, 78: 12–21.
[49] Moşteanu, Narcisa, Roxana Moşteanu, Alessio Faccia, Luigi Pio Leonardo Cavaliere, and Saurav Bhatia. 2020. "Digital technologies’ implementation within financial and banking system during socio distancing restrictions–back to the future." International Journal of Advanced Research in Engineering and Technology, 11(6): 207–315.
[50] Omar, Md Abdullah & Kazuo Inaba. 2020. "Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis." Journal of Economic Structures, 9(1): 1–25.
[51] Organisation for Economic Co-operation and Development (OECD). 2018. Bridging the digital gender divide: include, upskill, innovate. OECD.
[52] Ortiz-Ospina, Esteban, and Max Roser. 2018. Economic inequality by gender. Our World in Data. www.ourworldindata.org (accessed July 2, 2021).
[53] Pavithra, C. B., and K Geetha. 2021. "Factors affecting customers’ perception towards digital banking services." Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(11): 1608–1614.
[54] Rowntree, Oliver, and Matthew Shanahan. 2020. "The Mobile Gender Gap Report 2020." London: GSMA.
[55] Trivelli, Carolina, Carolina Villanueva, Marcela Marincioni, Jaqueline Pels, Florencia Caro Sachetti, Carolina Robino, Helen Walbey, Luz Martinez, and Mariela Magnelli. 2018. "Financial inclusión for women: a way forward." W20 and T20.
[56] Women’s World Banking. 2015. Gender Performance Indicators 2.0: How well are we serving women?. Women’s World Banking.
[57] World Bank Group. 2018. Women, Business and the Law 2018. Washington, DC: World Bank.