Equal Pay needs to be a topic of conversation for every man and woman in the U.S. every single day. Gender discrimination in pay isn’t just a workplace issue; it impacts every area of our society.
Equal Pay Day was April 14, which really brought the issue of wage inequality to the forefront. The Institute for Women’s Policy Research (IWPR) fueled that conversation by releasing a new report showing that women have higher rates of poverty, and much lower rates of business ownership than men in all 50 states. This is despite the strides we have made in the last 25 years.
The report shows that younger women, the “Millennials” born between 1980 and the mid 2000s, are facing wage inequality even though they are considerably more likely than their male counterparts to have a bachelor’s degree. Across the board Millennial women have lower earnings than men in all but one state and higher rates of poverty than their male peers in every state in the nation.
IWPR reports that 15.5 percent of all women live in poverty compared to 11.9 percent of men. Native American (28.1 percent) Black (25.7 percent), and Hispanic (24.0 percent) women are twice as likely to live in poverty as white women (11.7 percent). However, if ALL working women received equal pay with the men (who are their age, have the same level of education, work the same number of hours, and have the same urban/rural status) the poverty rate for working women in the U.S. would be cut by more than HALF.
Yes. Half.
Poverty rates also vary substantially depending on whether or not there are children in the household. Single mothers have the highest rates of poverty in every state compared to everyone else: married men and women, single men and women without children, and single fathers. Nationally 43.1 percent of households headed by single mothers are living in poverty. Like their childless counterparts, if working single mothers received equal pay, the poverty rate for families with a working single mother could be cut nearly in HALF.
Yes. Half.
The impact of income inequality goes far beyond the younger generation too. When women make on average only 78 cents to every dollar a man earns, the impact will be felt over a woman’s lifetime. That’s why a growing number of women don’t have the same retirement savings as their male counterparts. In fact, women are almost twice as likely as men to retire into poverty as evidenced by a report by the Employee Benefit Research Institute.
On average, women over the age of 65 rely on a median income of around $16,000 a year, which is on average $11,000 less than men. Many women aren’t even able to rely on that much, and spend their retirement years supported exclusively by their Social Security benefits. The problem here is also income inequality. As women earn – and save – less than their male counterparts, they in turn have smaller nest eggs. Add to that the fact that women tend to live longer, their smaller savings have to last longer, too.
The conversation around income inequality has to change and become a focal point for all of us. According to my #LeadingWomen co-author Gloria Feldt, every man and woman needs to read up on the issue, and these five myths are a great place to start. It’s also important that we use the power of our voices, both online and off. We can keep the conversation going, point out injustices and support legislation. And most importantly we can join hands with our sisters and unite our voices, our actions, and our strength. Together we can do so much more. If we are to conquer the issues surrounding wage inequality we must get all hands on deck.
Think Equal Pay Doesn’t Matter? Think Again.
