Despite the persistent belief that women continue to take a backseat when it comes to managing finances, a new study shows that a vast majority of women manage the household money and even direct investing and retirement planning.

The new research released today by HerMoney and the Alliance for Lifetime Income showed that 94% of the women surveyed who are in a relationship have a role in managing spending, investing and retirement planning.

“This research clearly dispels an old belief that women are the CFOs of the household but are somehow absent when it comes to investing and planning for retirement,” Jean Statler, CEO of Alliance for Lifetime Income, said in an email.

“Women have more to lose [by not managing their own finances] because they are more likely to live longer, traditionally get paid less than their male counterparts, and therefore need to stretch their retirement income further, which magnifies the risk and possibility of running out of money,” Statler added.

The Alliance for Lifetime Income is a nonprofit, educational organization based in Washington, D.C. HerMoney is a digital media company focused on improving the relationships women have with money. The two organizations surveyed 1,000 women in March who are members of the HerMoney community. Most were college educated and working full-time and two-thirds were married or had a partner.

In addition to taking control of joint finances, women seem to want to keep some of their finances separate from their partners. Among the women who were part of a couple, only one-third had completely merged their finances with their significant other. Among those women who were single, only 2% said they would merge all their money with a spouse or partner in the future, the survey said.

Sixty-eight percent of the women said they were most proud of handling their finances on a regular basis; 56% said they were most proud of paying off debt (56%); 53% said the same about buying a home; and an equal percentage said they were proud of being able to talk openly about money.

“On average, more than half of the women who share money management duties with their partner take more than half of the responsibility for household finances, investments and retirement planning,” the report said.

While most women feel they are making progress, only 60% of the women surveyed believe their workplace is making progress in how it supports women, the survey said. The persistent pay gap between men and women is an issue for 34% of women who said they know or suspect men at their companies earn more for the same jobs.

"This research clearly shows that once women decide to engage, it is not one and done," Jean Chatzky, CEO of HerMoney and education fellow at the Alliance for Lifetime Income, said in an email. "The women who responded to our survey are involved throughout the financial lifecycle: earning more, spending less, saving and investing as much as possible, and protecting what they have so that it lasts as long as they do.

“And we are beginning to apply that same initiative when it comes to money at work” as we are at home, she added. “It’s really hard to separate your home and work life at the end of the day, so expect to see women continuing down a path that brings them together.”

Statler added, “Making sure our income lasts for 20, 30 or more years in retirement takes some complex planning, so I tell all my female friends, ‘It’s time to take charge—and find a financial professional who looks out for your interests.’ I will add that those financial advisors who ignore women, do so at their own financial peril.”