Financial Vulnerability in Spain: Analysis from a Gender Perspective
Keywords:
Downloads
Number of words in the article:
8305Abstract
Household financial vulnerability (FV) has gained interest among policymakers over the last two decades and seems to be more widespread among women. In this context, this paper has two objectives. Firstly, we explore the relationship between gender and the level of FV, both at household and individual levels. Secondly, we analyze whether the relationship between FV and other demographic and behavioral variables could be moderated by gender.
To achieve these goals, a sample was obtained from the Survey of Financial Competences (ECF), referred to the 2016-17 period, which is made up of 8,038 individuals familiar with household finances. At the univariate level, the percentage of women in the higher values of the FV index (between 80 and 100 points) exceeds that of men. Moreover, a moderating role is observed through objective and subjective financial literacy.
Downloads
References
Ali, L., Khan, M.K.N., y Ahmad, H. (2020). Financial Fragility of Pakistani Household. Journal of Family and Economic Issues, 41(3), 572-590. https://doi.org/10.1007/s10834-020-09683-y
Google Scholar CrossrefAnderloni, L., Bacchiocchi, E., & Vandone, D. (2012). Household financial vulnerability: An empirical analysis. Research in Economics, 66(3), 284-296. https://doi.org/10.1016/j.rie.2012.03.001
Google Scholar CrossrefArellano, A., Cámara, N., y Mejía, D. (2019). Disentangling vulnerability through consumer behavior: The role of financial health. BBVA research. https://www.bbvaresearch.com/en/publicaciones/disentangling-vulnerability-through-consumer-behavior-the-role-of-financial-health
Google Scholar CrossrefArellano, A., y Cámara, N. (2020). Vulnerabilidad financiera de los hogares ante la COVID-19: una perspectiva global. BBVA research. https://repositorio.comillas.edu/xmlui/bitstream/handle/11531/51154/Vulnerabilidad_Hogares_Paises-1.pdf?sequence=1&isAllowed=y
Google Scholar CrossrefArellano, A., y Cámara, N. (2021). Vulnerabilidad financiera de los hogares: evidencia para el País Vasco y el resto de España. EKONOMIAZ. Revista vasca de Economía, 100(2), 94-119
Google Scholar CrossrefÁlvarez Espiño, M., Fernández-López, S., Rey-Ares, L., y Castro-González, S. (2020). Capacitación y comportamiento financiero de la generación millennial en España. Revista Galega de Economía, 29(3), 1-20. https://doi.org/10.15304/rge.29.3.7045
Google Scholar CrossrefÁlvarez-Espiño, M., Fernández-López, S., y Rey-Ares, L. (2022). La alfabetización y vulnerabilidad financieras de la población adulta española: un análisis por generaciones. Panorama Social, 35, 67-82
Google Scholar CrossrefAzzopardi, D., Fareed, F., Lenain, P., y Sutherland, D. (2019). Assessing Household Financial Vulnerability: Empirical evidence from the US using machine learning. In D. Sutherland (Ed.), OECD Economic Survey of the United States: Key Research Findings (pp. 121-142). OECD publishing
Google Scholar CrossrefBaldini, M., Gallo, G., y Torricelli, C. (2020). The scars of scarcity in the short run: An empirical investigation across Europe. Economia Politica, 37(3), 1033-1069. https://doi.org/10.1007/s40888-020-00187-4
Google Scholar CrossrefBanco de España y CNMV (2018). Plan de Educación Financiera 2018-2021. https://www.cnmv.es/DocPortal/Publicaciones/PlanEducacion/PlanEducacion18_21.pdf
Google Scholar CrossrefBover, O., Hospido, L., y Villanueva, E. (2019). The Survey of Financial Competences (ECF): Description and Methods of the 2016 Wave. Working paper [1909]. Banco de España. http://dx.doi.org/10.2139/ssrn.3396964
Google Scholar CrossrefBrown, S. (2015). Household repayment behaviour and neighbourhood effects. Urban Studies, 52(6), 1169-1188. https://doi.org/10.1177/0042098014533393
Google Scholar CrossrefBucher-Koenen, T., Lusardi, A., Alessie, R., y Van Rooij, M. (2017). How financially literate are women? An overview and new insights. Journal of Consumer Affairs, 51(2), 255-283. https://doi.org/10.1111/joca.12121
Google Scholar CrossrefCavalletti, B., Lagazio, C., Lagomarsino, E., y Vandone, D. (2020). Consumer Debt and Financial Fragility: Evidence from Italy. Journal of Consumer Policy, 43(4), 747-765. https://doi.org/10.1007/s10603-020-09458-w
Google Scholar CrossrefChichaibelu, B.B., y Waibel, H. (2018). Over-indebtedness and its persistence in rural households in Thailand and Vietnam. Journal of Asian Economics, 56, 1-23. https://doi.org/10.1016/j.asieco.2018.04.002.
Google Scholar CrossrefCifuentes, R., Margaretic, P., y Saavedra, T. (2020). Measuring households' financial vulnerabilities from consumer debt: Evidence from Chile. Emerging Markets Review, 43 (100677). https://doi.org/10.1016/j.ememar.2020.100677
Google Scholar CrossrefCoste, T., Henchoz, C., y Wernli, B. (2020). Debt and subjective well-being: Does the type of debt matter? Swiss Journal of Sociology, 46(3), 445-465. https://doi.org/10.2478/sjs-2020-0022
Google Scholar CrossrefDaud, S.N.M., Marzuki, A., Ahmad, N., y Kefeli, Z. (2019). Financial vulnerability and its determinants: Survey evidence from Malaysian households. Emerging Markets Finance and Trade, 55(9), 1991-2003. https://doi.org/10.1080/1540496X.2018.1511421
Google Scholar CrossrefDe Quinto, A., Hospido, L., y Sanz, C. (2020). The child penalty in Spain. Working paper [2017]. Banco de España.
Google Scholar Crossrefhttps://repositorio.bde.es/bitstream/123456789/10459/1/do2017e.pdf
Google Scholar CrossrefDellande, S., y Saporoschenko, A. (2004). Factors in gaining compliance toward acceptable level of personal unsecured debt. The International Journal of Bank Marketing, 22(4), 279–290. https://doi.org/10.1108/02652320410542554
Google Scholar CrossrefDel-Río, A., y Young, G. (2008). The impact of unsecured debt on financial pressure among British households. Applied Financial Economics, 18(15), 1209-1220. https://doi.org/10.1080/09603100701604233
Google Scholar CrossrefDisney, R.F., y Gathergood, J. (2011). Financial literacy and indebtedness: new evidence for UK consumers. Working paper. University of Nottingham. http://dx.doi.org/10.2139/ssrn.1851343
Google Scholar CrossrefDuesenberry, J. S. (1949). Income, Saving and the Theory of Consumer Behaviour. Harvard University Press
Google Scholar CrossrefEmmons, W.R., y Noeth, B. J. (2013). Economic vulnerability and financial fragility. Federal Reserve Bank of St. Louis Review, 95(5), 361-388.
Google Scholar CrossrefFasianos, A., Godin, A., Kinsella, S., y Wu, W. (2014). Household indebtedness and financial fragility across age cohorts, evidence from European countries. Working paper. University of Limerick.
Google Scholar CrossrefFernández-López, S., Álvarez-Espiño, M., Castro-González, S., y Rey-Ares, L. (2023). Financial capability and households’ financial vulnerability: Evidence for the Spanish case. Managerial Finance, 49(4), 679-702. https://doi.org/10.1108/MF-02-2022-0086
Google Scholar CrossrefFriedline, T., y West, S. (2016). Financial education is not enough: Millennials may need financial capability to demonstrate healthier financial behaviors. Journal of Family and Economic Issues, 37(4), 649-671. https://doi.org/10.1007/s10834-015-9475-y
Google Scholar CrossrefFriedman, M. (1957). A Theory of the Consumption Function. Princeton University Press
Google Scholar CrossrefFundación Adecco y Endesa (2020). Emergencia por el empleo de los más vulnerables. 9º informe monoparentalidad y empleo
Google Scholar CrossrefGeorgarakos, D., Haliassos, M., & Pasini, G. (2014). Household debt and social interactions. Review of Financial Studies, 27(5), 1404-1433. https://doi.org/10.1093/rfs/hhu014
Google Scholar CrossrefGutiérrez-Esteban, P., Rodríguez-Miranda, F., Cubo-Delgado, S., y Hernández-Rincón, M.L. (2021). Digital Inclusion of Businesswomen and Women Entrepreneurs through Social Networks in the Informal Environment. Multidisciplinary Journal of Gender Studies, 10(3), 201-232. https://doi.org/10.17583/generos.2021.7146
Google Scholar CrossrefHair, J., Anderson, R., Tatham, R., y Black, W. (1998). Multivariate analysis (4th ed). Prentice Hall International
Google Scholar CrossrefHospido, L.Q., Izquierdo, S.M., y Machelett, M. (2021). The gender gap in financial competences. Economic bulletin/Banco de España, 23(1). https://repositorio.bde.es/handle/123456789/15371
Google Scholar CrossrefInstituto Nacional de Estadística (2021). Salarios, ingresos, cohesión social. https://www.ine.es/ss/Satellite?L=es_ES&c=INESeccion_C&cid=1259925408327&p=1254735110672&pagename=ProductosYServicios%2FPYSLayout¶m3=1259926137287
Google Scholar CrossrefInstituto Nacional de Estadística (2022). Encuesta de Población Activa (EPA) Cuarto trimestre de 2021. https://www.ine.es/daco/daco42/daco4211/epa0421.pdf
Google Scholar CrossrefJappelli, T., Pagano, M., y Maggio, M.D. (2013). Households’ indebtedness and financial fragility. Journal of Financial Management, Markets and Institutions, 1(1), 23-46. https://doi.org/10.12831/73631
Google Scholar CrossrefKeese, M. (2012). Who feels constrained by high debt burdens? Subjective vs. objective measures of household debt. Journal of Economic Psychology, 33(1), 125-141.
Google Scholar Crossrefhttps://doi.org/10.1016/j.joep.2011.08.002
Google Scholar CrossrefKempson, E. (2002), Over-indebtedness in Britain. United Kingdom: Department of Trade and Industry
Google Scholar CrossrefLind, T., Ahmed, A., Skagerlund, K., Strömbäck, C., Västfjäll, D., y Tinghög, G. (2020). Competence, confidence, and gender: the role of objective and subjective financial knowledge in household finance. Journal of Family and Economic Issues, 41, 626-638. https://doi.org/10.1007/s10834-020-09678-9
Google Scholar CrossrefLoke, Y. J. (2016). Living beyond one’s means: evidence from Malaysia. International Journal of Social Economics, 43(1), 2-18. https://doi.org/10.1108/IJSE-11-2013-0248
Google Scholar CrossrefLoke, Y. J. (2017). Financial vulnerability of working adults in Malaysia. Contemporary Economics, 11(2), 205-218
Google Scholar CrossrefLusardi, A., y Mitchell, O.S. (2011). Financial literacy around the world: an overview. Journal of Pension Economics & Finance, 10(4), 497‐508. https://doi.org/10.1017/S1474747211000448
Google Scholar CrossrefMancebón Torrubia, M. J. (2022). Habilidades financieras y planificación económica de la vejez en España: una aproximación a partir de la Encuesta de Competencias Financieras. Panorama Social, 18(35), 99-118.
Google Scholar CrossrefMinisterio de Educación y Formación Profesional (2019). PISA 2018 Programa para la Evaluación Internacional de los Estudiantes. https://www.educacionyfp.gob.es/inee/evaluaciones-internacionales/pisa/pisa-2018.html
Google Scholar CrossrefMinisterio de Educación y Formación Profesional (2020). TIMSS 2019 Estudio Internacional de Tendencias en Matemáticas y Ciencias. https://www.educacionyfp.gob.es/inee/evaluaciones-internacionales/timss/timss-2019.html
Google Scholar CrossrefO’Connor, G.E., Newmeyer, C.E., Wong, N.Y.C., Bayuk, J.B., Cook, L.A., Komarova, Y., y Warmath, D. (2019). Conceptualizing the multiple dimensions of consumer financial vulnerability. Journal of Business Research, 100, 421-430.
Google Scholar Crossrefhttps://doi.org/10.1016/j.jbusres.2018.12.033
Google Scholar CrossrefRay, S., Mahapatra, S.K., y Nath, S. (2019). Over-indebtedness and its drivers among microfinance borrowers in India. Economic and Political Weekly, 54(7), 47-54. https://www.cabdirect.org/cabdirect/abstract/20193124585
Google Scholar CrossrefSchurer, S. (2015). Lifecycle patterns in the socioeconomic gradient of risk preferences. Journal of Economic Behavior & Organization, 119, 482–495. https://doi.org/10.1016/j.jebo.2015.09.024
Google Scholar CrossrefSeiz, M. (2023). Empleo y cuidado en familias españolas con situaciones de dependencia: dilemas, prácticas y costes. Revista Internacional de Sociología, 81(1). https://doi.org/10.3989/ris.2023.81.1.21.66
Google Scholar CrossrefŠubová, N., Mura, L., y Buleca, J. (2021). Determinants of household financial vulnerability: Evidence from selected EU countries. Ekonomie a Management, 24(3), 186-207. http://hdl.handle.net/11025/45456
Google Scholar CrossrefTaylor, M. (2011). Measuring financial capability and its determinants using survey data. Social Indicators Research, 102(2), 297-314. https://doi.org/10.1007/s11205-010-9681-9
Google Scholar CrossrefTogba, E. L. (2012). Microfinance and households access to credit: Evidence from Côte d’Ivoire. Structural Change and Economic Dynamics, 23(4), 473-486. https://doi.org/10.1016/j.strueco.2012.08.002
Google Scholar CrossrefValdes, O., Mottola, G., y Armeli, S. (2021). Bouncing Back? The Financial Resilience Of Americans”, FINRA Investor Education Foundation report.
Google Scholar CrossrefDownloads
Published
Almetric
Dimensions
How to Cite
Issue
Section
License
Copyright (c) 2023 Marcos Álvarez-Espiño, Sara Fernández-López, Lucía Rey-Ares
This work is licensed under a Creative Commons Attribution 4.0 International License.
All articles are published under Creative Commons copyright (CC BY). Authors hold the copyright and retain publishing rights without restrictions, but authors allow anyone to download, reuse, reprint, modify, distribute, and/or copy articles as the original source is cited.
