To mark International Women’s Day, the Bank of Israel’s Communication Department held an evening seminar: “Women Talk about Money”
As part of the evening seminar, updated data were presented for the first time on the financial literacy among the Israeli public, and broken down by gender, from a survey conducted recently by the Bank of Israel. The survey indicates that in Israel, financial literacy and self-confidence in economic conduct are lower among women than among men.
The seminar opened with remarks by Bank of Israel Director General Ms. Shulamit Geri, who emphasized the Bank’s strong commitment to promoting financial education and financial inclusion among all parts of the population. The Bank’s Director General surveyed the Bank of Israel’s activity in this regard, and spoke about, among other things, the implementation of the financial availability charter for women who are victims of economic violence, the activity being led by the Bank for women who have survived prostitution, and leading the joint team that formulated recommendations for a national plan for financial inclusion.
Communications, Public Affairs and Community Relations Department Director Ms. Nurit Felter-Eitan presented the highlights of the findings from the pioneering survey conducted by the Bank of Israel on the issue of financial literacy. These include:
Only 55 percent of women who participated in the survey understand the impact of inflation on purchasing power, in contrast to over 70 percent of men, and an average of 66 percent among OECD countries surveyed.
Only 45 percent of women surveyed understood the importance of diversifying risk when investing, in contrast to over 59 percent of men, and an average of 63 percent among OECD countries surveyed.
In summarizing the financial knowledge index, women’s grade in Israel is only 53 percent, in contrast to 65 percent for men, and an average of 67 percent among OECD countries surveyed.
Of the women surveyed, 84 percent said that they tend to take part in making financial decisions, in contrast to over 90 percent of men.
Only approximately one quarter—24 percent—of the women surveyed said that they understand financial issues well, in contrast to 39 percent of men.
Forty-two percent of the women said that in the past 12 months they had not succeeded in covering their expenses, compared to 34 percent of men and an average of only 25 percent among OECD countries surveyed.
The data refer to a sample including all parts of the population in the general, ultra-Orthodox, and Arab societies.
Communications, Public Affairs and Community Relations Department Director Ms. Nurit Felter-Eitan said, “Even in 2023 women have lower financial literacy and primarily lower self-confidence. We do see knowledge indicators that are lower for women than for men in most OECD countries. However, these data should present us with a mirror, regarding the areas with which we have to deal. Knowledge and confidence are the basis for a good financial situation, good financial conduct, and finical resilience, and the time has come for gender differences not to be financial gaps.”
In addition, as part of the seminar, there was a panel regarding women and financial conduct called “Who’s Afraid of the Economics Section?” Participating in the panel were social worker and “Women’s Spirit (Ruach Nashit)” CEO Tamar Schwartz; Ms. Marwa Al-Zou'bi, an engineer and financing expert who promotes women’s initiatives and financial education in Arab society; Wexner Foundation Deputy Director Adv. Dana Savoray-Hadar, gender expert and previously Head of the Municipal Women’s Administration in Herzliya municipality; and Elazar Pincovich, Chief Knowledge Officer in the Pa’amonim organization.
Following the panel, there was a conversation with poet and publicist Dr. Maya Tevet Dayan, the author of “Feminism as I Taught my Daughters”.
The evening’s moderator was Ms. Ravit Dekel, Head and Curator of the Bank of Israel Visitors Center.
It will subsequently be possible to watch a video of the evening on the Bank of Israel Youtube channel, on the Bank of Israel website, and on the Bank of Israel Visitors Center Facebook page.