Most women manage their long-term finances, but many still lack confidence, American Council of Life Insurers President Susan Neely said during Fortune’s Most Powerful Women Summit yesterday.

Those findings are based on a new survey from ACLI which found that 73% of women are managing their long-term finances, but only 57% of working women feel knowledgeable about personal finance, savings, and investments. The other side of that finding: 43% of women lack the type of self-assurance that could really empower their financial and investment decisions and strategies.

“There’s one question I think every leader in that room should be asking: How do we empower all women to be confident in managing their long-term financial security?” Neely, former Assistant Secretary for Public Affairs at the U.S. Department of Homeland Security said.

“These numbers challenge the outdated stereotype that women focus only on household budgets,” Neely said. “Women are clearly active participants in making long-term financial planning decisions about investments, insurance and other matters. At the same time, the survey shows that too many women are not confident in their decision making, which could have ramifications for their financial futures.”

Financial literacy and the personal empowerment it helps create “ought to be a driving force for women leaders,” said Neely, who was named one of Washingtonian Magazine’s most powerful women.

With women as the breadwinner in 40% of U.S. households, improving their financial confidence through financial literacy must be a priority.

Neely’s suggestions to for women interested in increasing their financial confidence included:

  • Lean in on money talk. Make retirement security a part of the conversation with friends. Women across the country are working full-time or part-time. They are CEOs of their homes. They are nearing or in retirement. Women are a powerful force in the American economy. These collective powers can elevate the conversation about financial protection and security.
  • Work with a planner to close the retirement savings gap. Preparing for retirement is more than just contributing to a retirement savings account. Modern retirements can last 20 to 30 years, so not running out of retirement savings is an important consideration, especially for women who live longer than men. Experienced financial professionals can help navigate options.
  • Teach daughters and sons about the importance of preparing for a strong financial future. A high income is not necessarily related to financial security. One quarter of the most financially secure households earned $50,000 or less. The key to success is having a plan and taking steps such as owning life insurance or disability insurance and having emergency savings.

“The financial tide can turn for women, and that’s incredibly powerful,” Neely said. “The clear challenge is to help build financial acumen for all women, no matter where they live or how they work,” she told the crowd.

“Whether it’s passing smart public policy, like the bipartisan SECURE Act that would increase access to retirement savings; or developing financial literacy programs that reach the most vulnerable women and girls; or offering paid family medical leave so employees can take time to bond with a child without risking their long term financial viability, we each have a role to play. When we do, we truly are ‘better together,’” she added.

The survey of 2,000 consumers was conducted by Artemis Research, August 9 – 24, 2019 for the ACLI, a trade group that advocates on behalf of 280 insurance company members which account for 95 percent of insurance assets sold in the U.S.