Can girls handle money and math?

Back-to-school season is here!

For many students, financial literacy is now a key part of the curriculum. In some provinces, students will need to pass a financial literacy course to graduate high school. That’s a big deal!

But there’s something else happening in September that’s equally important—Gender Equality Week.

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What does financial literacy have to do with gender equality?

One issue that’s been flying under the radar for too long is the stereotype that girls and women aren’t as good at math or handling money. This harmful belief starts early and can affect girls’ confidence with numbers—and their finances—for life.

From as early as pre-school, girls can get the message that they aren’t as good at math as boys. But guess what? Research shows that girls perform just as well as boys in math. Yet, the stereotype persists, and it’s reinforced as girls grow up. This can lead to a lack of confidence not just in math but in money matters as well. And that’s a problem because confidence in dealing with numbers is closely tied to confidence in managing money.

This bias even follows women into their careers. In Canada, women still earn about 17% less than men. For Indigenous and immigrant women, the gap is even wider—over 20% less than Canadian-born men.

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Here’s what the Financial Consumer Agency of Canada (FCAC) is doing to boost girls’ financial confidence:

We ran an experiment through our Behavioural Finance Lab using ChatterHigh, an online platform that helps students in grades 6-12 prepare for life after high school. We created a money-themed scavenger hunt that used behavioral science to engage students. Thousands of students from every province participated, and we measured their financial confidence and understanding of money before and after the experiment.

The results were eye-opening. Before the scavenger hunt, only 40% of students who identified as girls felt confident managing their money. Afterward? That number jumped to 55%, bringing them up to the same level where boys were before the experiment. Even better, we helped girls close the gap in their knowledge of budgeting. They ended up matching the boys’ level of understanding after the experiment.

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The takeaway

When girls are given the right tools and encouragement, they can break through these biases and be just as capable as boys in understanding and managing money. Our experiment showed that the problem isn’t with the girls—it’s with the stereotypes they face.

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What’s next

If we’re serious about financial literacy and gender equality, we need to challenge this outdated notion that girls and women "can’t do math or money." But it’s not just up to one organization or one person. Building financial confidence in girls and women requires all of us—parents, teachers, policymakers, and organizations—to step up and nurture that confidence all year round.

It’s time to take this issue to heart and work together to make sure every girl and woman knows that YES, they can handle money and math.

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Want to learn more about the experiment? Click here.