It's a truism in the financial industry that women need to get more out of their money than men since they live longer and make less, especially if they take time out to care for children or aging parents. But it's also a given that they lack confidence when it comes to investing, something that's clear on a recent evening at the Women's Center in Vienna, Va.
A handful of middle-aged women are gathered in a small room to hear the basics of investing. One in the midst of a divorce laments that she let her soon-to-be-ex handle all the finances. A single woman expresses a gnawing concern that she hasn't saved up enough to be able to stop working in a decade or two.
"I really don't know where to start," says Christiane Geidt, married and 46. She's actually accumulated a nice chunk, but — common for women — it's sitting in her savings account. Geidt is nervous about losing money if she invests, something that doesn't seem to bother her husband.
"I think men ... enjoy it more," she laughs. "It's their adrenaline, maybe, that kicks in."
Actually, research suggests it's testosterone that makes men more open to such risk. But women have something else that men don't.
"Women are terrified of retirement," says Cindy Hounsell, president of the Women's Institute for a Secure Retirement. "They're terrified of running out of money. They're terrified of becoming bag women."
More From NPR
Rethinking Retirement: The Changing Work Landscape
Rural Appalachia Helps Some Women Save For Retirement