Women investors may be their own worst critics, because as it turns out they’re doing a lot right.

A Fidelity Investments survey released in May found that, on average, women investors outperformed men by 40 basis points. Women in the study consistently saved a higher percentage of their salaries in workplace retirement accounts, as well as individual retirement and brokerage accounts.

That paints an encouraging picture, but there’s one area where some women fall short: confidence.

Gina McKague, president and CEO of McKague Financial in Livonia, Michigan, says a lack of confidence shouldn’t be confused with a lack of knowledge, even though women may ask more questions.

“Women need to know the how and why regarding their investment choices and options,” she says. “It’s not just the return on investment they seek, but how the decisions they make will impact their overall plan.”

That desire to understand makes women wiser investors, McKague says, but it can also make them more self-conscious about their investment decisions.

Time is another constraint that often hampers women, who may be juggling a job, kids and a household.

[See: 11 Great Investing Tips for Women.]

Most women will tell you they don’t have time to invest, but “the more time you spend on investing, the more confident you become,” says Megan Gorman, managing partner at Chequers Financial Partners in San Francisco.

Fortunately, women can close the confidence gap in other ways.

Know yourself. Building confidence begins with understanding how personal nature may shape investment choices.

Men tend to be natural risk-takers, while women are inclined to test the waters before diving in, says Gretchen Cliburn, director at BKD Wealth Advisors in Springfield, Missouri.

She says that most men want to make money as quickly as possible, even if that requires a more aggressive strategy. Women, on the other hand, prefer to take calculated risks.

“Only after understanding both the positives and the negatives will they venture into an investment strategy, and even then, they take their time until they’re comfortable with it,” Cliburn says.

Knowing where your personal boundaries lie can help you manage your portfolio more confidently. That’s especially important for gauging risk tolerance because investors who lack confidence may play at too safe with their investments.

That can be a big mistake, says Cary Carbonaro, managing director at United Capital of New York and New Jersey.

Carbonaro compares a woman who saves $1,000 in cash over 30 years to a woman who invests the same amount in an index fund tracking the Standard and Poor’s 500 index. Assuming returns of 1 and 8 percent, respectively, the woman who chose cash savings would have $417,000 at the end of 30 years. The woman who invested in the index fund would have approximately $1.35 million, before investment fees and taxes.

“While past performance doesn’t guarantee future results, this example shows the potential lost opportunity cost of being too conservative with your money,” Carbonaro says.

[Read: How Women Can Flex Their Financial Power.]

Think big picture. Investing too conservatively from a lack of confidence can also put women’s portfolios at risk in a different way.

“Women can lose money in the long run by selecting asset classes that may not beat inflation,” says Jennifer Kim, senior partner at Signature Estate & Investment Advisors in Los Angeles.

Selecting less risky assets may offer peace of mind, but the trade-off is a lower rate of return. Kim says women need to realize there are different types of portfolio risk to consider, including inflation and longevity, as well as market and liquidity risk.

Viewing risk through a broader lens is particularly important for long-term planning.

Women tend to earn less, work fewer years and live longer than men, says Cliburn. That puts women at an immediate disadvantage when saving for retirement. The effects become more pronounced when compounded by a too-conservative strategy that’s driven by a lack of confidence.

Gorman says women should realize that they’re really investing for 30, 40 or even 50 years in the future and they need to feel comfortable investing for growth to reach their goals.

“They can’t sit in bonds and cash,” Gorman says.

She says target-date funds may be an answer for women who want to invest for growth but lack confidence in their decision-making. These funds offer broad exposure to growth asset classes, while managing risk based on your retirement timeline.

Exchange-traded funds are another option. ETFs offer tax-efficient investing with minimal fees and a chance to earn better returns than you might get from bonds or cash. While ETFs can include equities, they may be less volatile than investing in individual stocks.

Get support. Having the right know-how and a solid support system can help with improving confidence.

Investing is like working out a certain muscle, Gorman says. Reading investment-related books and studying the markets can strengthen your knowledge base.

Joining a community of like-minded investors may also help. Meeting in an online forum or face to face to discuss money and investing with other women is a good way to share ideas and get encouragement.

Forging a relationship with a financial advisor is another step women investors should consider if confidence is an issue.

Jill Schlesinger, a New York-based certified financial planner and senior CFP board ambassador for the Certified Financial Planner Board of Standards, says working with a financial professional can prove invaluable as women navigate planning for retirement and choosing investments.

She notes that when seeking an advisor, “women should feel empowered to ask questions.”

First and foremost, Schlesinger says, women should ask prospective advisors whether they’re held to a fiduciary standard. Unlike other financial advisors, fiduciaries are held to a higher ethical standard, which requires them to act in your best interest.

She says women should be aware of the fees an advisor charges and how that fee schedule is structured. Women should also discuss the advisor’s overall investment style, services and means of communicating with clients.

[See: Your 7-Step Checklist to Choosing a Financial Advisor.]

Making sure your personalities mesh is another consideration.

“Ask yourself, do I like this person?” Schlesinger says. “You’re about to enter into a relationship that will hopefully last a long time, so if you have any reservations, move on.”

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3 Ways Women Can Become More Confident Investors originally appeared on usnews.com