Women are generally more responsible financial managers than men; yet, women are more likely to live in poverty in their retirement years, according to the U.S. Government Accountability Office. The study found that women age 65 and older are twice as likely to be living below the poverty line as men. The study also found that women are more financially affected by bad events, such as divorce or a death, than men are. In general, men’s finances stayed relatively stable following a divorce, according to a Spectrum Group study, while women’s did not. Women worth less than $1 million tended to struggle more financially after losing an income-producing partner and not having the means to make investments.

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