While women control one third of U.S. household financial assets ($10.9 trillion) and comprise 47 percent of the workforce, many of them struggle to save adequately for retirement in the face of competing responsibilities, according to a new report from Goldman Sachs titled Navigating the Financial Vortex: Women & Retirement Security.

Half of the women surveyed by Goldman Sachs said their retirement savings are behind schedule, compared to 35 percent of men, 14 percent of women are very confident in being able to reach their retirement saving goals versus 27 percent of men who said the same, and 33 percent of women are concerned they will not be able to reach their retirement goals, compared to 19 percent of men.

Time spent out of the workforce to care for children or family members is one important factor contributing to the retirement savings challenge for many women. According to the report, two four-year periods out of the workforce — one mid-career and one later — can lower retirement savings by up to 35 percent.

“Women more often than men are forced to work part-time, spend time out of the workforce to care for young children and elderly family members, and juggle other financial priorities during their careers,” Candice Tse, global head of strategic advisory solutions at Goldman Sachs Asset Management, said in a press release. “This can make their journey to retirement more difficult and incredibly personal.” Read the full report.