The gender gap in family financial decisions and female independence still represents a significant barrier to women’s economic autonomy in Europe today. According to the World Economic Forum’s Global Gender Gap Report 2023, substantial disparities persist in economic participation and opportunity between men and women, with particularly evident repercussions for the most disadvantaged groups.
“Financial education for women is not just a matter of gender equality, but a fundamental element for the sustainable development of our communities,” says Marco Morbidelli, President of the Fondazione Arezzo Innovazione, which promotes the project. “Our commitment to this project stems from the awareness that providing women with the tools to manage their economic resources wisely means investing in the future of society as a whole.”
To address this challenge, the “Gender Balance in Financial Education” (GBFE) project, funded by the European Union’s Erasmus+ program, conducted an in-depth analysis of the training needs of disadvantaged women in four European countries: Austria, Bulgaria, Italy, and Spain. The study, coordinated by the Fondazione Arezzo Innovazione in collaboration with OpenCom and other European partners in the project, involved 165 participants in a quantitative survey that explored knowledge, behaviors, and attitudes in the financial sphere.
“The results of our research reveal a complex picture that requires targeted and differentiated interventions,” explains Erina Guraziu, researcher at OpenCom and co-author of the study. “We found that while basic banking tools are widely known, there is a significant knowledge gap regarding more complex financial instruments. This gap is particularly pronounced among women with lower levels of education, suggesting the need for inclusive and personalized training approaches.”
The results show that while 70.9% of participants are familiar with ATM cards, only 10.3% know about mutual funds and just 5.5% are informed about supplementary pension schemes. The analysis also highlights a strong correlation between education level and financial literacy: those with a university degree are familiar with an average of 10.44 financial instruments, compared to 1.61 for those with only an elementary school education. Particularly significant is the participants’ approach to financial information: 51.5% only seek information when necessary, while 27.3% never seek information on economic matters. This data highlights the need to promote more proactive engagement through innovative and engaging training tools. The study has made it possible to develop concrete guidelines for the development of effective training courses, which will be implemented through video tutorials and targeted teaching materials. These tools will be designed to respond to the specific needs that emerged from the research, with the aim of increasing the financial autonomy of disadvantaged women, in line with the sustainable development goals of the 2030 Agenda.
Based on these results, the GBFE project will develop a series of innovative training tools in the coming months. A basic financial education course, consisting of easy-to-use video tutorials, will be made available free of charge online, accompanied by visual aids and infographics. The challenge of financial education for women requires constant and coordinated commitment. The GBFE project demonstrates how European cooperation can provide the tools needed to design targeted and effective interventions towards greater financial inclusion, even for specific target groups.
The study can be downloaded free of charge from the link docsend.com/view/9nkuzf7q2iegzivc and from the social media and web channels of the other project partners: Markeut Skills (Spain), ARISE (Austria), Euro Education Bulgaria (Bulgaria).
By Ilenia Costa