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

In “The Gender Gap: Troubling Financial Capability Findings Among Women,” authors Carlo de Bassa Scheresberg and Annamaria Lusardi, both of George Washington University’s Financial Literacy Excellence Center, noted that despite increased workforce participation and improved understanding and management of personal finances, women still lag behind me in key areas.

According to U.S. Department of Labor statistics, 58% of American women were working at the end of 2012, up from 44% in 1972. In addition, private wealth in the U.S. will total $22 trillion by 2020, of which half will be in the hands of women, the report noted.

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

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

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