Is there a Gender Gap in Financial Inclusion Worldwide?

Abstract

This paper aims to examine the differences between men and women in 7 segments related to financial inclusion: 1) owning an account with a financial institution; 2) savings at a financial institution; 3) borrowing from a financial institution; 4) owning a credit card, 5) using a mobile phone or the Internet to access an account; 6) using the Internet to pay bills or to buy something online; 7) making or receiving digital payments. The research is based on the Global Findex Database 2017. The sample comprises 144 countries worldwide. The authors applied the nonparametric Wilcoxon Signed-Ranks test using a 95% confidence interval. The Wilcoxon Signed-Ranks test showed statistically significant differences between men and women in all segments related to financial inclusion. Regarding this, policymakers of individual countries, especially Saudi Arabia, Kenya, Turkey, Hong Kong, Italy, Spain, Trinidad and Tobago, and Bahrain, should develop financial inclusion strategies by focusing on measures to increase and improve women’s financial inclusion, especially in the segments related to making or receiving digital payments and owning an account with a financial institution.