While men tend to express confidence in their finances, women report feeling stressed. However, younger women appear to be closing a knowledge gap that may be boosting confidence, according to findings of a recent New York Life Wealth Watch survey.

Women report feeling knowledgeable about day-to-day financial responsibilities such as paying bills, maintaining good credit and saving for emergencies, but they feel less confident about long-term financial responsibilities, including building wealth, creating investment portfolios, understanding protection products like insurance and legacy planning, the survey found. For example, 64% of women feel very and somewhat knowledgeable about saving for retirement compared to 76% of men.

A potential reason for a financial knowledge gap between men and women is the exposure they have had to formal financial literacy education. The survey found 42% of women had received financial literacy education while 52% of men had. Younger women are more likely to report receiving formal financial literacy education than Gen X and baby boomer women (53% vs 34%, respectively).

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