Peer-Reviewed Research · Springer Nature / Cureus · 2026
Are men more financially literate than women professionals in Nairobi?
Global research consistently shows men scoring higher on financial literacy than women. Our research on Nairobi professionals tells a different story.
Accessible Summary
This page is an accessible summary of a peer-reviewed paper, created by the authors to reach broader audiences. All findings are from the published research unless otherwise noted.
Are professionals in Nairobi financially literate?
How does financial literacy vary by gender for professionals in Nairobi, Kenya?
To measure financial literacy, this study used the OECD/INFE toolkit, an internationally recognised framework. According to OECD, financial literacy comprises three components: financial knowledge, financial behaviour and financial attitude. To be considered financially literate, respondents needed to achieve a minimum score of 70 out of 100 points on OECD's questionnaire. For more details on the hypotheses tested, please refer to the Literature Review section of the research paper.
Key Findings: What the Research Showed
Finding 1: Overall Financial Literacy
Majority of professionals in Nairobi are financially literate
Financial Literacy Scores (out of 100) — OECD/INFE Toolkit
Nairobi Average
77 points
77
Men
76 points
76
Women
77 points
77
OECD minimum threshold to be considered financially literate: 70 points
The professionals in the sample had an average financial literacy score of 77 points, which exceeds OECD's target score of 70 points required to be considered financially literate. Further statistical analysis showed that we can infer that professionals in Nairobi as a group score at least 70 points on financial literacy at 95% confidence.
The score of 77 reflects the combined performance across all three components: financial knowledge, financial behaviour and financial attitude. For context, OECD used the same toolkit to measure financial literacy in 39 countries in 2023, but Kenya was not among them. The average score in that survey was 60 points across all 39 countries, and 63 points for OECD member countries (OECD, 2023).
While 70% of respondents met the threshold, 30% did not. More work needs to be done to address the financial literacy gaps across the whole population.
Key Findings: What the Research Showed
Finding 2: Gender Differences in Financial Literacy
There was no statistically significant gender gap in overall financial literacy for male and female professionals in Nairobi. However, differences emerged in the subcomponents.
Overall Financial Literacy
No statistically significant gender difference
76Men
77Women
Women scored slightly higher on overall financial literacy in this sample (77 vs 76). However, the difference was not statistically significant. We cannot conclude there is a gender gap in overall financial literacy, or that men are more financially literate than women professionals in Nairobi. This is contrary to global research, including OECD's 2023 survey across 39 countries, where men scored higher on overall financial literacy compared to women.
Financial Knowledge
Men scored higher, and finding was significant
83Men
79Women
Men scored higher than women on financial knowledge in this sample (83 vs 79), and this difference was statistically significant. The survey tested financial knowledge concepts such as inflation, time value of money, interest, returns, risk and diversification.
Financial Behaviour
Women scored higher, but not significant
76Men
78Women
Women scored higher than men on financial behaviour in this sample (78 vs 76). However, the difference was not statistically significant. OECD measured financial behaviour by assessing habits such as budgeting, saving, managing debt, setting long-term financial goals, paying bills on time and making thoughtful purchases.
Financial Attitudes
Women scored higher, and finding was significant
65Men
71Women
Women scored higher than men on financial attitudes in this sample (71 vs 65). This difference was statistically significant. It can be inferred at 95% confidence that women professionals in Nairobi have better financial attitudes than men, indicating their higher tendency to save for the future.
Half of the people we surveyed said their income did not cover their expenses in the previous year. While financial education is helpful, we also need to address cost of living pressures and income levels. For employers and policymakers, this signals that financial education programs may need to be accompanied by broader interventions addressing income levels and cost of living pressures.
We found that many professionals can explain what interest is, but a significant number cannot calculate it independently. This study identified skill gaps in the computation of simple and compound interest. Many of those who faced income shortfalls resorted to some form of borrowing to cover expenses. The skill to calculate the actual cost of a loan or return on investment is crucial, as the availability of mobile loans and other credit and investment products increases. Financial service providers and financial education programs should address this directly, including by showing clients how to calculate interest themselves.
When we measure financial literacy by testing knowledge alone, we may be undercounting women's financial literacy and overestimating men's financial literacy. Women in this sample scored higher on overall financial literacy than men, because they outperformed on financial behaviour and financial attitudes, even where their knowledge scores were lower. Men scored high on financial knowledge, but lower on attitudes and behaviour. Consistent with prior research, women were also more likely to avoid open-ended financial knowledge questions, potentially due to low confidence rather than low knowledge. This avoidance may contribute to lower financial knowledge scores.
Implications
What does this mean for you?
The paper identifies implications for different audiences. Click each row to expand.
Women are saving and investing, but they are concentrated in lower-risk vehicles. Women are actively saving through Money Market Funds, SACCOs and chamas. More men reported investing in stocks, real estate and crypto. The preference for savings products and low-risk investments for women may be related to lower financial knowledge and lower confidence. Financial education can build on women's existing habits and extend their confidence toward moderate and higher-risk options where suitable.
Clients need to understand the true cost of debt and return on investments. The study identified skill gaps in computing simple and compound interest. The paper recommends showing clients the mathematical formulas so they can calculate interest themselves, supported by online calculators. This is directly actionable for client-facing teams.
Men's financial attitudes and behaviours are a gap worth addressing. The paper recommends that financial education can encourage budgeting, saving and investing for the future particularly among men, as they scored lower on those components. Programs addressing these behaviours and attitudes may improve long-term client outcomes.
Financial education alone may not be enough. 53% of respondents said income did not cover living expenses last year. Employers should consider whether financial wellbeing programs need to be accompanied by broader support on remuneration, benefits and cost of living, not just financial education content.
Effective programs address all three components, and individual sessions add what group sessions cannot. Programs addressing budgeting, saving behaviour and long-term planning alongside knowledge produce better outcomes. The paper notes that where financial literacy is low, one-time group sessions alone are typically insufficient. Individual sessions with experts, offered in addition, can provide the personalised guidance that group settings cannot.
Self-assessment accuracy matters, and where appropriate, segmented sessions can help. 59% of men rated their knowledge as very high or quite high, yet women scored higher on overall financial literacy. Programs that help participants benchmark their actual literacy are better placed to address real gaps. In some contexts, targeted sessions for women to build confidence, and for men to address the attitude gap around planning and saving, may complement broader group programs.
A nationwide assessment would give Kenya internationally comparable financial literacy data for the first time. Kenya was not in OECD's 2023 survey of 39 countries. Incorporating OECD/INFE toolkit questions into existing nationwide surveys, or conducting a separate exercise, could provide an average score for Kenya that is directly comparable to international benchmarks.
Financial inclusion should extend to informed use, including understanding the cost of debt. Kenya has made significant strides in expanding access to financial products. The next frontier is ensuring access translates into informed use. This study identified skill gaps in computing simple and compound interest. Of those who faced income shortfalls, majority resorted to some form of borrowing or fell behind on payments. With the increasing availability of mobile loans and other credit products, financial inclusion initiatives that help citizens understand the cost of borrowing, not just access it, would improve financial outcomes.
Structural cost of living pressures limit what financial literacy interventions can achieve on their own. Over half of professionals surveyed faced income shortfalls last year. Broader policy interventions addressing income levels and cost of living are necessary for financial literacy gains to translate into improved financial wellbeing.
Supporting Detail
What else the data showed
The confidence gap: men overestimate, women underestimate
Respondents were asked to rate their overall financial knowledge compared to other adults in Nairobi before answering any questions. The contrast between self-rating and actual performance is notable.
Men
Tended to overestimate
59% rated their knowledge as "very high" or "quite high." Yet women scored higher on overall financial literacy. Men's confidence in their knowledge did not match their actual overall performance.
Women
Tended to underestimate
57% rated their knowledge as "about average" or lower. Yet women scored higher on overall financial literacy. Women's self-perception did not reflect their actual performance.
Research implication
Women were significantly more likely to write "I do not know" on open-ended financial knowledge questions. On the loan interest question, 81% of non-responses came from women (9% of women vs 2% of men). Prior research, including West et al. (2023), suggests this reflects confidence rather than knowledge. Assessments measuring only knowledge may systematically undercount women's financial literacy.
Test yourself: the compound interest question
Imagine someone puts Ksh 10,000 into a savings account at 2% interest per year, with no fees or withdrawals. How much would be in the account at the end of five years?
Only 62% of respondents answered this correctly
The answer is more than Ksh 11,000. After year one at 2%, the account holds Ksh 10,200. In year two, interest is earned on Ksh 10,200, not the original Ksh 10,000. This compounding effect means the five-year total is approximately Ksh 11,041. Being able to work through this is what shapes good saving and investment decisions.
Dive Deeper
For those who want to go further
The sections below expand on how the research was done and answer common questions. Each opens individually.
Who was surveyed
310 professionals in Nairobi, Kenya, aged 20 to 60, across a wide range of sectors. The sample was 57% female and 43% male. 65% held a university degree; 32% had postgraduate qualifications. Top sectors: banking and financial services (17%), technology (11%), investments (10%), management consulting (9%), healthcare (5%), energy (5%), legal (4%) and education (4%).
How they were reached
An online survey was distributed via LinkedIn, Instagram and WhatsApp professional groups, with responses collected anonymously. Eligible professionals were invited to self-select into the study, then asked to share the link with other eligible contacts in their networks. Data was collected between May and June 2024.
Why the OECD toolkit
The OECD/INFE toolkit is the internationally recognised standard for measuring financial literacy, used across dozens of countries since 2010 with revisions in 2015, 2018 and 2022. It covers all three components and allows for international comparison. Online administration is appropriate in countries with high literacy rates. Kenya's adult literacy rate was 83% in 2022.
What "statistically significant" means
A finding is statistically significant when there is less than a 5% probability the result occurred by chance, giving at least 95% confidence. Where findings are statistically significant, the analysis provides sufficient evidence to infer the finding holds for the wider population of professionals in Nairobi, not just the 310 surveyed.
How results were analysed
Responses were coded numerically and scored per OECD's methodology. Statistical analysis included t-tests, correlation analysis and regression analysis at a 5% significance level. The total financial literacy score was calculated by adding scores from all three components and scaling to range from 0 to 100.
Limitations
The study was limited to professionals in Nairobi and cannot be generalised to all Kenyans. Online surveys make eligibility verification difficult. Because responses were anonymous, repeat surveys of the same respondents are not possible. The self-selection and snowball sampling approach means the sample may not be fully representative of all Nairobi professionals.
The paper is open access and free to read. Published in the Cureus Journal of Business and Economics, part of Springer Nature. doi.org/10.7759/s44404-025-00043-3
Because overall financial literacy in the OECD framework is the combined score across all three components. Women scored higher on both financial behaviour and financial attitudes, and those stronger scores more than offset the gap in financial knowledge. For example, understanding compound interest is different from actually saving consistently. Women in this sample showed a significantly stronger orientation toward saving for the future, and that counts toward the total score.
Yes, and the paper explicitly flags this as a direction for future research. The focus on professionals was intentional: by holding education and occupation relatively constant, gender differences become more interpretable. A nationwide assessment using the OECD/INFE toolkit would allow for comparisons across counties, income levels and education levels, and would give Kenya a dataset directly comparable to OECD's 39-country survey.
The sample size was determined based on standard practice for studies where the total population size is not known. Statistical analysis at 95% confidence was applied to all hypothesis tests. Where findings are statistically significant, the analysis provides sufficient evidence to infer the finding holds for the broader population of Nairobi professionals. Where findings are not significant, the sample difference could plausibly have occurred by chance.
Not necessarily, and that is part of what makes the findings interesting. Being highly educated does not automatically translate to financial literacy. Financial literacy, as measured by the OECD toolkit, covers not just knowledge but also behaviour and attitudes toward money. A professional may be highly educated and skilled in their field, yet still struggle to calculate compound interest, or tend to spend rather than save. In this study, the average score was 77 out of 100, which exceeds the OECD threshold. However, 30% of respondents did not meet the threshold. There were also specific knowledge gaps: only 62% correctly answered the compound interest question. These gaps exist regardless of education level, and that is precisely why financial literacy programs remain important even for professional audiences.
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