T. Rowe Price published the latest findings of its annual Retirement Savings and Spending study, which found women lag far behind men in terms of retirement contributions, savings, and confidence.

The median 401(k) account balance for women was 65% lower compared to men. While women are saving less, there were no significant gaps in access to retirement plans between men and women.

Some contributing factors to the savings gap likely includes:

• National income averages reflect that women typically earn less than men
• Women are more likely to have shorter job tenures compared to men (median of six versus eight years)
• More women than men held debt across most of the categories offered in the survey, including credit card and personal loan debt, with a staggering disparity in student load debt in particular. According to the study, 23% of women and 14% of men reported student loan debt – a difference of 60%