Happy Equal Pay Day!

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Women make up nearly half of the workforce, are the most educated, and are the primary breadwinners in 4 out of 10 households with children under the age of 18 but many of us only make $.77 for every $1 that a man earns. 

Since full-time working women only earn 77% of what our male counterparts earn, the date April 8, 2014 was selected to represent the number of days EXTRA that a woman would have to work in 2014 to earn the same amount that men earned in 2013. And according to the Institute for Women’s Policy Research, at America’s slow rate of change, this wage gap won’t completely close until 2058.

A few facts about the wage gap:

  1. The wage gap costs women at least $400,000 over the course of her career.
  2. Women are more likely to live in poverty after retiring.
  3. Your earning potential (in comparison to men) may depend on where you live. The 5 states with the smallest wage gaps between full-time workers over 16 years old are : D.C., Maryland, Nevada, Vermont, and New York. The 5 states with the largest wage gaps are: Wyoming, Louisiana, West Virginia, Utah, Alabama.
  4. This gap is significantly larger for women of color so African American or Hispanic women would be recognizing this day much later in the year to reflect a much larger pay gap than White & Asian women. African American women, on average, earn only $.64 and Latinas only $.55 for every $1 earned by white, non-Hispanic men.
  5. Women in STEM (science, technology, engineering, and mathematics) fields face a smaller pay gap.

Some say that negotiating our salaries is one way to combat these grim facts. But more on that later…

 

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