Baseline Results
Results from the 2021 SHED show substantial gender differences in the responses to the financial literacy questions, consistent with prior studies (Lusardi and Mitchell, 2008; Lusardi and Mitchell, 2014; Bucher-Koenen et al., 2021). We first present results for the half of respondents who received an explicit "don't know" answer choice (figure 1). A smaller share of women answered each financial literacy question correctly. While women and men were similarly likely to select an incorrect answer, women were much more likely to select "don't know." For example, 63 percent of women selected "don't know" for the diversification question – 20 percentage points higher than the share of men who did so.
Figure 1. Financial literacy questions, by gender
Source: Authors' calculations among the one-half of the 2021 SHED respondents who were asked the questions including "don't know" as a possible response. Key identifies bars in order of left to right.
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