Bangalore: A study with over 3,000 participants says women have lesser financial knowledge than men but are more likely to save and make wiser purchases. IIM-A in partnership with Citi Foundation disclosed this research at a symposium held in New Delhi to increase awareness and engagement in national financial education efforts, as reported by Chitra Unnithan of Times News Network.

Among the speakers in the all day event were Shri D K Mittal, Ministry of Finance and Pam Flaherty, President and Chief Executive Officer, Citi Foundation and Director, Corporate Citizenship.

Employed women seem to have a knowledge gap of 5 percent compared to men. Retired women on the other hand had a higher difference with a gap of 10 percent with men of their age.

Here's a quote from the study which says, "The basic principles of money and household finance, such as compound interest, impact of inflation on rates of return and prices, and the role of diversification are not well understood."

Check Out - Money Mistakes Women Make More Often Than Men