Do women have lower levels of financial literacy, or are they opting out?

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 Men consistently appear to outperform women on standard financial literacy tests. However, could the results be because of inherent gender bias in measurement tools? This study investigates the reasons for women selecting the non-response option in financial literacy questions, including numerical self-efficacy, risk aversion, and confidence. Our analysis finds evidence that women an- swer more questions than men utilizing the non-response option. A sustained lack of confidence with financial information is the primary reason. These results are important for shaping policy and providing resources that close the gap in measurement and ability.