Understanding FinTech Gender Gap: A Survey on Financial Literacy, Inclusion and FinTech Use

Abstract

It is well known that the gender gap in financial literacy and inclusion exists. In recent years, financial technology (FinTech) has boomed. However, less data is available in the existing literature on the FinTech gender gap. This research aims to understand gender differences in financial literacy and inclusion, FinTech awareness and use, and explore other factors that influence financial literacy and inclusion. A Qualtrics survey questionnaire was distributed to a convenience sample over social media (WhatsApp) to urban people in India, Singapore, and other countries. Fully completed surveys were analyzed in Excel. Descriptive statistics are used to compare the proportions, while one-way ANOVA is used to compare gender differences, and regression when more variables are compared on the outcome variable. A total of 181 (females 106 and males 75) complete responses were included in the analysis. The results showed no significant gender differences in financial literacy and inclusion. However, education significantly affected financial literacy. Overall, FinTech awareness and usage was lower among females, and significant gender differences were seen in Fintech awareness and frequency of FinTech usage. The survey shows a significant gender gap in FinTech awareness and usage even among urban residents. More research is needed to understand barriers to FinTech usage among women. Empowering women through financial education, and policies are needed to reduce the gender gap.