What we researched
Students completed FCAC’s financial learning activities on ChatterHigh and then answered six financial knowledge questions. For each question, students could select an answer or choose “I don’t know.” This helped us understand how students engage with financial knowledge assessments when they are uncertain.
What we found
Across all six questions, girls selected “I don’t know” more often than boys. At first glance, this made boys’ responses look more accurate. These initial results raise an important question: do observed gender differences reflect differences in financial knowledge, or differences in students’ willingness to answer when they are unsure?
Knowledge levels were more similar than they first appeared
When students who initially selected “I don’t know” were subsequently encouraged to try answering, the gap between girls and boys narrowed. In several cases, girls performed as well as or better than boys. This suggests that choosing “I don’t know” does not necessarily reflect lower understanding.
Confidence affects whether students answer financial knowledge questions
Taken together, the results suggest that confidence1 plays an important role in whether students attempt a question when unsure. Some students were more likely to wait until they felt confident before answering, while others were more likely to guess. As a result, looking only at students’ initial answers, before they were encouraged to try, can overstate differences in financial knowledge.
This pattern appears in other research
Similar trends have been observed in other studies. Global evidence shows that women are more likely to select “I don’t know” in financial literacy surveys2, and research from the Bank of Canada shows that “I don’t know” responses increase when questions appear later in a survey3. Together, this suggests that survey design can make knowledge gaps appear larger than they are.
Why this matters
When students hesitate to answer, their knowledge may not be fully captured. Over time, hesitation can influence how people engage with financial decisions, such as asking questions, using financial tools, or taking action.
Creating learning environments that encourage participation and normalize uncertainty can help more students build both knowledge and confidence.
