CHARLOTTE, N.C. — A study shows fewer women in the U.S. feel financially secure or confident in their retirement readiness plan than men.

Northwestern Mutual’s Planning and Progress Study in 2023 found four in 10 U.S. women feel financially secure and 44% think they will be financially prepared for retirement. Sixty-one percent of men feel they will be financially prepared for retirement.

The study also found Gen Z and millennial women are more optimistic about the future than older generations and most likely to say their financial planning needs improvement.

Martha Cooper Hudson, an adviser with Northwestern Mutual in Charlotte, says there are many barriers women face, such as the pay gap, while trying to gain generational wealth.

“For women, certain life factors can alter their financial plans compared to their male counterparts. Life expectancy, retirement age, maternity leave, caregiving responsibilities and a variety of other considerations ultimately influence how many women prepare for their financial futures,” Cooper Hudson said.

She recommends women keep the following points in mind when asking for a pay raise:

• Provide evidence of positive performance and successes to validate why a raise is deserved
• Instead of asking for a raise spontaneously, decide when raises and promotions are typically discussed and reevaluated at your company and plan accordingly
• Keep the conversation about yourself and your salary private rather than discussing and comparing coworker salaries
• Rather than accepting a promotion without a raise, do not be afraid to have a discussion about also getting a raise. It’s important to keep in mind that promotions may be necessary to get a raise – these tend to be higher than performance-based raises

Cooper Hudson says there have been successes with women in business and finance.

“Women are opening up businesses at rates higher than their male counterparts. According to eCommerceTips.org, women owned 42% of businesses in the U.S. Between 2014 and 2019, the number of companies owned by women grew by 21%, while all businesses increased by only 9%. Women of color own 50% of women-owned businesses in the U.S.,” she said.