This paper investigates gender differences in financial decision-making using dynamic portfolio allocations over a 30-year simulated investment horizon with more than 300 participants. We examine how investors adjust their portfolio risk exposure in response to feedback, portfolio returns, and the approaching end of the investment horizon. Results show that men tend to maintain or even increase their equity exposure as the horizon shortens, whereas women gradually reduce their risk-taking in line with life-cycle portfolio theory and rational long-term planning. Despite taking fewer risks, women achieve higher total and risk-adjusted returns, suggesting a more effective long-term investment strategy. These findings contribute to the debate on whether women’s greater risk aversion reflects excessive caution that constrains performance or an adaptive advantage that supports forward-looking financial behavior. Our evidence supports the latter view, showing that women’s less myopic and more time-adaptive allocations improve their long-term investment outcomes.