Regardless of affluence or access to a financial advisor, women feel less optimistic about the market and economy and less prepared for retirement than men, according to a report by Nationwide.

The number of women investors working with a financial advisor has increased 14 percentage points between 2016 and 2019, but they remain less optimistic than men about the outlook of the economy and the market for the next 12 months, according to a report by Nationwide Advisory Solutions.

They also are nearly as likely as men to say that protecting assets is among their top financial concerns (26% vs. 28%). But they are less likely than men to have a strategy in place to protect their assets against market risk (56% vs. 71%).

The fifth annual Advisor Authority study of roughly 1,600 RIAs, fee-based advisors and individual investors, conducted online within the U.S. by The Harris Poll, found that, over the next 12 months, women are somewhat more likely than men to anticipate that market volatility will increase (70% vs. 66%), be concerned about a U.S. bear market (65% vs. 53%) and be concerned about a U.S. economic recession (69% vs. 60%).

And while the optimism gap narrows for more affluent investors, it is still apparent. More affluent women investors are somewhat less likely than more affluent men investors to say their outlook for the U.S. market (44% vs. 55%) and U.S. economy (48% vs. 57%) over the next 12 months is optimistic. They also are somewhat more likely to anticipate that market volatility will increase (65% vs 59%). Further, they are more concerned about a U.S. bear market (61% vs. 56%), but only slightly more concerned about a U.S. economic recession (61% vs 60%).

The preparation gap also persists, regardless of access to an advisor or affluence, the report noted. Women investors with an advisor are somewhat less likely than men investors with an advisor to have a strategy in place to protect their assets against market risk (63% vs. 74%) and to have a strategy in place to help protect against outliving their savings (68% vs. 79%).

“As seen year over year, more women are seeking the help of advisors to solve their concerns, from protecting assets and saving for retirement, to managing volatility,” Craig Hawley, head of Nationwide Advisory Solutions, said in a prepared statement. “These advisors have an opportunity—and a responsibility—to understand women's needs and help them establish a holistic plan that can help them manage through the current uncertainty while helping them remain focused on long-term goals.”

More affluent women investors also are more likely than more affluent men investors to say that protecting their assets is a top concern (45% vs 31%), but they are still somewhat less likely to have a strategy in place to protect their assets market risk (75% vs 81%).

Additionally, the report noted that women investors are also somewhat more likely than men investors to say that outliving retirement savings is a top financial concern (15% vs 9%) but are far less likely than men to have a strategy in place to help protect against outliving their savings (62% vs 76%).

Both women and men indicated that Social Security is their top retirement solution, but women are far more reliant than men (78% vs 66%) on Social Security to help protect themselves against outliving savings, the report said.