Women Have Half the Retirement Savings as Men for This Reason

A new study released by Vanguard Research found that men have retirement savings account balances that are 50 percent larger than those of women.

But women aren't saving less because they're less savvy investors, according to Fortune.

The study found that women are actually taking as many risks as men do.

According to Fortune, the study examined 720,000 eligible employees, and found that in defined contribution plans — such as 401Ks — women and men allocated about the same proportion of their savings to equity.

Women allocated 73 percent and men allocated 74 percent.

Vanguard blames the gender pay gap for the reason that women's retirement account balances are half the size of men's.

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