This study examines gender differences in financial literacy using data from the Eurobarometer 2023 survey in 27 European countries. Significant differences were found in the tendency to answer "I don't know" to financial literacy questions, with women consistently giving more uncertain answers compared to men. A Poisson regression analysis identified gender, education level and gender equality at country level as significant predictors. Remarkably, the gender difference in uncertain responses was greatest in countries with high gender equality, paradoxically suggesting that higher gender equality favors conditions in which women are more likely to be reluctant to express their financial knowledge.
Further analyzes examined whether "I don't know" responses predict financial behavior independently of financial literacy and incorrect responses. Mixed-effects models showed that "I don't know" responses significantly predicted subjective financial insecurity and lower ownership of financial products, such as retirement savings plans, even when traditional measures of financial literacy were controlled for. These results suggest that self-perceived financial ignorance uniquely captures dimensions of financial insecurity and financial engagement that go beyond standard literacy tests. Consequently, interventions to improve financial capability should target not only factual knowledge but also confidence and commitment, particularly among women in socially advanced contexts.