Women investors are less apt to take risks in their portfolios than their male counterparts, according to a study published in the July/August issue of the CFA Institute's Financial Analysts Journal.

The lower risk-tolerance, combined with generally lower lifetime earnings and a longer life span compared with men, means that women have fewer assets in their retirement years, the study reports.

CFA Institute is a nonprofit professional association that administers the Chartered Financial Analyst and Certificate in Investment Performance Management curriculum and examinations.