Both men and women should pay attention to their finances, but for women, the stakes are higher.

They are at greater financial risk than men are. That means they have to save more money. Here are some of the reasons women need to turn their focus to their finances.

The Wage Gap

Women earn less money than men do for doing the same jobs. That means women will earn less over their lifetimes, which means they’ll have less Social Security money coming in and they’ll either have less money saved or less disposable income to work with.

Women Live Longer

In a classic good news/bad news situation, women may be able to celebrate the fact they’ll live longer, but that also means they are at greater risk of outliving their savings. That means they need to have more saved up than men do.

Living longer can quickly erode your retirement account because many people have more medical problems as they age. They’ll need more money to fund their medical issues, as well as basic living costs.

They Might Not Work As Many Years

Some women stay in the workforce just as long as men do. But others take time out for raising their families or helping out their ailing mom or dad. Even if a woman stays in the workforce after she has her children, she might cut back on her hours – some women move to part-time work until their children enter school.

If they take lower paychecks for working fewer hours or they take a temporary leave of absence from work, it means they’ll earn less in Social Security benefits and they won’t be contributing as much to their 401ks.

They Don’t Love Risk

Generally speaking, women don’t tend to take on as much risk as men do when they are investing their money. Less risk can translate into less reward. While there is nothing wrong with being a bit conservative, embracing risk with your investments can help your money grow much, much faster.

What Women Can Do to Protect Their Financial Futures

The days of encouraging women to marry well in order to secure a comfy existence are long gone. Women can and do rely on themselves to take care of their finances.

If you’re the type of woman who doesn’t like to talk about money or even think about your long-term financial outlook, you need to roll up your sleeves and get to work.

You should draft up a budget as soon as possible. And if you think you’re being shortchanged at work, you should ask your boss for a raise. Women can be notoriously bad at asking for more money, even if they’re worth it. You have to make it and yourself a priority.

Consult a professional if you feel you’re not up to speed on what to do to improve your finances. Read some great financial books to teach yourself some basics.

Since you’ll need more money for retirement than many men will, you may need to consider working a year or two longer than you’d hoped to maximize your Social Security earnings. If that thought doesn’t give you the courage to ask for a raise, nothing will!