My Apple watch 7 will not update even when close to my iphone 14 plus. They are paired.

I have a new Apple iphone 14 plus and a Apple watch 7. The watch has an update but it will not update. I keep getting a message to have the watch powered on and close to the phone. Nothing. It does not update. They are paired. I powered both off and then back on to see if would help. It didn't. Friends have said a update doesn't matter, leave it. Unfortunately, it bothers me. I read that my phone is too new compared to my watch so they won't work with each other. I would have appreciated being told this when I bought this phone, and I was not. II would have bought an older phone. And I will not buy a new watch, too expensive. So, now what. Forget the update?