Tackling the gender gap in financial literacy. Evidence from a financial education program in the workplace

Studies show that women have less financial knowledge than men. To address this gap, several targeted programs have been implemented, but their effectiveness remains largely unknown. This paper evaluates the effectiveness of Women Matter, a financial education program provided by Banca d'Italia to reduce the gender gap in financial literacy. We use data from the pilot edition, conducted between May 2022 and April 2023, aimed at female employees. The sample includes about 200 workers, both participants and non-participants, with similar characteristics. Results show that attending the program significantly increases participants' financial competence, boosting scores by about 30 per cent from their initial level. The program is especially effective for younger women and those less familiar with financial tools. Additionally, the teacher's financial literacy level directly impacts the program's success.