A new study by Financial Finesse shows that women are still significantly behind men in their knowledge and confidence in many areas of finance, although the gap has narrowed since 2010.

Liz Davidson, CEO and founder of Financial Finesse, said in a press release these findings are disconcerting since women generally face more obstacles than men in meeting long-term goals and income needs in retirement.

“Women ... earn less on average than men, but have significantly longer retirements due to the fact that women live an average of five years longer than men. They also face higher health care costs throughout their lives. To overcome these obstacles, they should be saving more than men, and investing their savings more aggressively to get a strong long-term return that will sufficiently grow their portfolios. Instead, we see the opposite happening and this could put women in a dangerous position of not being able to meet their financial needs later in life.”