Women in Norway have less financial knowledge than men

Women in Norway have less financial knowledge than men, particularly among young adults, despite the country’s high level of gender equality. This gap in knowledge leads to different saving and investment behaviors, with women often preferring low-interest savings accounts while men are more willing to invest in the stock market.

Mari Haave Dvergsdal, a resident of Bodø, expresses her uncertainty about finance, stating that she could have invested more wisely if she had taken the time to learn. She believes many women think that finances will manage themselves, relying on Norway’s robust social welfare system.

A study by Ellen Katrine Nyhus at the University of Agder reveals significant gender differences in financial knowledge in Norway compared to other countries with lower levels of gender equality. Nyhus attributes these differences to men’s greater willingness to learn independently and take risks, while women tend to use savings accounts with low interest rates.

Professor Nyhus highlights that the largest gender gap in financial knowledge is among young adults aged 18 to 30. She had expected the gap to be more pronounced among older generations with more traditional lifestyles.

Marit Breivik-Meyer, a researcher at Nord University, points out that Norwegian women risk falling into economic dependence despite living in one of the world’s most gender-equal countries. She explains that the Norwegian welfare state has become a “safety net” that makes people less likely to discuss money, assuming everything will work out. This false sense of security can have consequences, especially when women end up in crisis centers and realize they have no control over their own finances.

Experts offer advice for achieving financial independence, including not relying on the welfare state to manage personal wealth, ensuring clear contracts for shared assets, demanding pension contributions from partners, and actively participating in financial discussions. They also recommend learning basic financial terms and seeking reliable information from sources like Finansportalen, Store norske leksikon, AksjeNorge, or Norges Bank.

Source: NRK Nordland