Rochester, NY — Women in the United States are currently earning 81 cents for every dollar earned by men, according to a 60-year analysis of Census Bureau data by Bankrate.
In 1980, women earned 60 cents for every dollar a man made. By 2002, this increased to 80 cents. However, progress has stalled over the last two decades, with some suggesting it may even be reversing.
Bankrate’s analysis revealed that in 2022, women earned 84 cents to every dollar a man made, but this figure dropped to 81 cents last year. Analysts believe the slight increase in 2022 could be attributed to a COVID-19 anomaly, as many women in lower-wage jobs were not working, thus not included in the data.
The wage gap is attributed to several factors: women are overrepresented in low-paying jobs, underrepresented in leadership positions, and earn less than their male counterparts even in similar roles.
Researchers predict that at the current pace, pay equity won’t be achieved until 2059.
“One thing that women can do to fight against the gender wage gap is to not only focus on earning more over time and negotiating and asking for what you’re worth in the workplace,” said Alex Gailey of Bankrate. “But also making sure that you’re making that money work for you.”
Gailey emphasized the importance of women taking charge of their finances and learning to invest to build generational wealth. Many personal finance experts have noted that women tend to be more reluctant to invest than men. Last November, Deanna Dewberry wrote about the issue and interviewed a Fidelity financial analyst who recommended the company’s Women Talk Money website.
Another helpful resource is Ellevest, a robo-advisor for women designed by women. And if you’re a student interested in learning more about the world of investing, Girls Who Invest provides a tuition-free education experience for college women interested in finance.
Consumer Alert: Tools to Battle the Gender Wage Gap WHEC.com.
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