Created by the National Committee on Pay Equity (NCPE) in 1996, Equal Pay Day highlights the gap between men’s and women’s wages. This gap often requires women to work longer than men for the same amount of pay. As a result, women may struggle financially or find themselves reliant on others to meet their financial goals.
Analyzing the most recent Census Bureau data from 2018, women of all races earned, on average, just 82 cents for every $1 earned by men of all races. This calculation is the ratio of median annual earnings for women working full time, year round to those of their male counterparts. It translates to a gender wage gap of 18 cents. The gender pay gap widens even more for full-time, working women with a bachelor’s degree and higher, only earn 75% percent of what their male counterparts do. Even though paying people differently based on their gender, race, religion, or national origin is illegal; the gender pay gap still exists today. Experience, seniority, and education often justify this gap and enable employers to avoid litigation for pay inequality.
Some industries are more susceptible to the pay gap than others. Women who work in law and medical sciences, financial managers, housekeeping and janitorial supervisors, and credit counselors and loan officers tend to get paid less than men. Even with the same education and experience. On the contrary, women who are producers and directors, office and administrative support workers, bus drivers, retail buyers, and fast food workers usually experience smaller pay gaps.
Fortunately, there are some steps that can reduce the pay gap creating more equality for women and men. Here are a few examples:
If you’re a woman who is struggling financially, working with a financial professional can help, regardless if you’ve been affected by the pay gap or not.
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