From knowledge to decision-making: the path to women’s financial autonomy
The gender gap in finance does not stem from innate differences in skills or risk tolerance, but from socio-economic, cultural, and confidence-related factors that shape access to decision-making processes and participation in investments. Consequently, reducing this gap requires not only financial education but also concrete pathways that strengthen autonomy, confidence, and inclusion in economic choices.
This is the key finding of the research project Value Finance 4 Ladies’ Values, developed by SDA Bocconi School of Management in collaboration with Zenith Global, with the aim of investigating the relationship between women and household finance and understanding how to strengthen their economic and decision-making role.
The research is based on a quantitative survey conducted in November 2025 on a representative sample of 1,000 individuals from the Italian adult population (ages 18–65), stratified by gender, age, geographic area, level of education, and socio-economic status. Data were collected through a structured online questionnaire, with an average duration of approximately 30–35 minutes, organized into five thematic areas: financial education, wealth management, economic autonomy, risk propensity, and emerging needs.
The survey design combines objective indicators of knowledge, measured through standard questions from the international literature—the so-called Big 3 and Big 8—with subjective variables of perception and confidence, as well as behavioral indicators related to financial management and investment choices. The integration of descriptive and econometric analysis makes it possible to identify not only observable differences in behavior but also the socio-economic and cultural factors that drive them.
A less obvious gap than it appears
Public debate often explains the financial gap between men and women as the result of lower skills or greater risk aversion. However, the findings of the research tell a different story.
The analysis uses the concepts of financial education and financial literacy. Financial education refers to the body of knowledge and experience accumulated over time, while literacy is measured objectively through responses to questions on key concepts such as inflation, interest rates, diversification, and risk-return trade-offs.
The econometric analysis shows that financial literacy depends primarily on education, income, and cultural factors, while gender is not statistically significant once these variables are taken into account.
This finding is particularly relevant given that the overall level of financial literacy remains limited within the population. Thirty-seven percent of respondents do not understand the concept of real interest rates, 69 percent are not familiar with the relationship between interest rates and bond prices, and only 51 percent are able to correctly answer questions about the relationship between risk and return over the long term.
The observed gap between men and women therefore appears to be the result of educational, socio-economic, and cultural differences, rather than individual abilities.
Managing does not mean deciding
When moving from knowledge to behavior, a further layer of complexity emerges.
Within households, women significantly participate in financial management, but less frequently hold the role of primary decision-maker. Seventy-seven percent of men report being responsible for household financial decisions, compared with 53 percent of women. This difference is less about management ability than about the role played in the decision-making process. Managing money does not necessarily imply having the final say on investment choices or long-term financial planning.
Under the same socio-economic conditions, men and women display very similar behaviors in financial management. The central issue, therefore, becomes access to decision-making processes and the distribution of economic power within the household.
The gender gap becomes more evident when moving from money management to participation in financial markets. Women are less present in investments, particularly in more complex instruments. However, this lower participation cannot simply be explained by greater risk aversion, also because the econometric analysis confirms that risk propensity depends mainly on financial education, economic conditions, confidence in one’s own skills, and social stereotypes, rather than on gender per se.
The real point of discontinuity lies in the transition from saving to investing, where confidence, social norms, and cultural models come into play.
Financial literacy among Italians
- 37% do not understand real interest rates
- 69% do not know the relationship between rates and bonds
- 51% understand the risk–return relationship
- 77% men vs 53% women report being household financial decision-makers
- 10% high risk propensity (6% women, 13% men)
- 64% indicate health as the main financial need
- 32% are not interested in financial education
Source: SDA Bocconi School of Management, Value Finance 4 Ladies’ Values.
Financial literacy also affects perceptions of security. Higher levels of financial literacy are associated with lower economic anxiety and a greater ability to cope with unexpected expenses. Women, in particular, report lower confidence in their ability to handle short-term financial emergencies, highlighting an issue of confidence rather than capability. Finance thus emerges as a concrete tool for individual autonomy.
The research shows that financial needs are closely linked to different stages of life. The main areas of support requested concern health and prevention (64 percent), education (52 percent), and maternity and parenting (34 percent). Women more frequently report needs related to caregiving activities, reflecting the role they continue to play in managing family responsibilities.
From interest to action: a path to be rethought
Despite growing attention to financial topics, a gap emerges between interest and behavior. Thirty-two percent of respondents report no interest in exploring these issues further, a share that rises to 37 percent among women. Even among those who express interest, this does not always translate into active and continuous engagement. The main challenge, therefore, becomes guiding individuals along a concrete path that transforms knowledge into decision-making.
Taken together, the findings outline a progressive pathway linking skills, confidence, active management, and participation in investments. It is along this path that financial autonomy is built, and it is precisely at the final stage that the gender gap is most pronounced. Promoting financial education, therefore, primarily means supporting individuals in the decision-making process.
Encouraging greater female participation in investments contributes to a more equitable distribution of economic opportunities, strengthens household resilience, and supports the growth of the economic system. In this sense, financial education represents a true social infrastructure.
To bridge the gap between interest and action, it is essential to make financial education accessible and user-friendly.
As part of the survey, participants have the opportunity to access free training content dedicated to financial education, designed to support individuals in developing their skills. It is possible to access the financial education platform at the following link: Financial Education Lab (FEL) of Bocconi University.
Promoting concrete and accessible tools represents an essential step in transforming knowledge into decision-making and finance into a lever of real autonomy.
READ THE NEWS ON THE RESEARCH PRESENTATION: Value Finance 4 Ladies’ Values: financial education and investments at the center of the dialogue between academia, companies, and institutions.
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