The wage gap costs women $1.6 trillion a year, new report finds. Here’s how to get the pay you deserve

by | Sep 18, 2023 | Financial

Marco Vdm | E+ | Getty ImagesThe wage gap costs women in the U.S. about $1.6 trillion a year, a new report finds.Women earned 78 cents for every dollar that men made in 2022, according to National Partnership for Women and Families.Researchers calculated the total cost to women of the wage gap by using statistics from the U.S. Census Bureau, specifically data on all women who worked, whether in full- or part-time jobs, and those who took time off for illness or caregiving.More from Women and Wealth:Here’s a look at more coverage in CNBC’s Women & Wealth special report, where we explore ways women can increase income, save and make the most of opportunities.Women will accept $24,000 less to start a new jobInvestor, entrepreneur charts her own path in Silicon ValleyQueen of Casa Dragones navigates world of high-end spirits”We’ve had the pay gap for so long, people have become desensitized to it and think it’s normal,” said Jocelyn Frye, president of the National Partnership for Women and Families. “But it’s not anything that we should consider normal, and we ought not to normalize disparities that ought not to exist.”While the numbers are discouraging, experts say the information should motivate women to be more aggressive during pay negotiations.”I don’t want it to dissuade women or make them feel less motivated to go out there and get the pay they deserve,” said career and money expert Mandi Woodruff-Santos.3 factors behind the wage gapThree factors are contributing to the persistent pay gap, said Frye:Caregiving responsibilities: Women on average tend to work fewer hours because they assume many of the caregiving responsibilities in their families, she said. For instance, women last year spent roughly 2.68 hours a day caring for household children under the age of 6, according to the American Time Use Survey.¬†Occupational segregation: Women are concentrated in jobs that pay less and are often shut out from higher-paying jobs through occupational segregation, she said.¬†Forty-two percent of the wage gap is the result of occupational segregation, which was exacerbated by the pandemic, the U.S. Department of Labor has found.Workplace discrimination: Women continue to face gender bias and discrimination. To that point, half of U.S. adults said women being treated differently by employers contributes to the pay gap, the Pew Research Center found.[embedded content]”If you intervene in those three issues alone, you could cut that gap significantly,” said Frye.What the pay gap means for women of colorAsian American women earned the most among female workers, making 89 cents for every dollar white, non-Hispanic male workers earn, the National Partnership for Women and Families found.That pay scale worsens for each major racial or ethnic group in the country, with white female workers paid 74 cents to the dollar; Black female w …

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”If you intervene in those three issues alone, you could cut that gap significantly,” said Frye.What the pay gap means for women of colorAsian American women earned the most among female workers, making 89 cents for every dollar white, non-Hispanic male workers earn, the National Partnership for Women and Families found.That pay scale worsens for each major racial or ethnic group in the country, with white female workers paid 74 cents to the dollar; Black female w …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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