When it comes to understanding finances and financial behavior,a gender gap still exists between men and women. Although the galshave become greater players in economic marketplace, the guys stillhave the edge according to a study released today by the Filene Research Institute.

In “The Gender Gap: Troubling Financial Capability FindingsAmong Women,” authors Carlo de Bassa Scheresberg and AnnamariaLusardi, both of George Washington University’s Financial LiteracyExcellence Center, noted that despite increased workforceparticipation and improved understanding and management of personalfinances, women still lag behind me in key areas.

According to U.S. Department of Labor statistics, 58% ofAmerican women were working at the end of 2012, up from 44% in1972. In addition, private wealth in the U.S. will total $22trillion by 2020, of which half will be in the hands of women, thereport noted.

At the same time, more women than men choose to stay home andraise children. Women also traditionally live longer than men,which puts the onus on financial institutions and advisors to makesure women understand how manage personal finances, especially intheir later years after the death of their spouses.

Some of the most worrisome trends uncovered in the report findthat many women have not planned for retirement, often engage inexpensive credit card behaviors, feel burdened by debt and arefinancially fragile. This is especially true among young andunemployed women, many of whom lack sufficient financial literacy.

The report suggested several steps credit unions can take,including providing financial counseling specifically geared towardwomen, creating customizable financial literacy programs for womenin different demographic strata and recognize and respond to thedifferent levels of understanding and sense of security thatworking women have over those who stay at home.