Gone are the days when a woman was dependent on a man for a financially secure future. They are single handedly creating their own money-wise ways. Women in all positions of life—single, married, divorced, full-time workers, stay-at-home moms—are playing a bigger role in managing their (and their family's) finances—and they're winning.

It's widely known that men and women communicate differently—they're even from different planets, as modern legend dictates—and this is true for investing as well. According to some studies women are actually better investors. In a study conducted by the University of California at Davis* that spanned from 1991-1997, women's portfolios gained 1.4% more than men's portfolios. And single women gained 2.3% greater returns than single men. In fact, the study showed that all-female investment clubs out-gained all-male clubs by 4.6%.

What's the reason behind this little-known fact? It's often been thought that when it comes to money and investing, women's tendency to being overly cautious, lacking self-confidence, and basing decisions on personal experience would lead to negatively impacting returns. On the other hand, it seems that women are coming out ahead when they take advantage of their innate traits and talents.

In general, women tend to take fewer risks than men do when it comes to investing. In turn, they don't trade their stocks as often, saving money on (sometimes costly) transaction fees. Women are also more likely to thoroughly research their investment choices rather than jump on a hot, trendy stock. They're inclined to select companies whose social and ethical beliefs parallel their own. Personal buying experiences and product quality will also sway a woman to invest in a particular company. Some of these traits may be viewed as negative, but when choosing stocks they may help select more stable, long-term investments.

The financial behavior of women has changed quite significantly since our grandmothers and even our mothers began thinking about personal finances -- if they did at all. Traditionally, men took care of the family money, but today many women are in control.

According to The National Center for Women and Retirement Research,** 80-90% of women will be individually responsible for their finances at some point in their lifetime. This is due to death of a spouse, divorce or choosing to remain single. Now is the time to prepare yourself and feel confident about your financial future.

Contact your Northwestern Mutual Financial Network Representative*** to help guide you on a path to financial success. Be sure to ask your Financial Representative about the obstacles mentioned earlier and what you can do to fill in the gaps. Discuss your comfort level with high risk and more stable investment options. Set realistic financial goals (paying off debt, saving for a house or college) and a timeline, and let your Financial Representative recommend ways to obtain those objectives. Remember that investing is a long-term process and it's important to review your goals annually, as they may change with time.

It's never too late to start saving and investing. Preparing yourself now will equip you to deal with financial challenges that come your way.