Understanding the history of women’s access to money is crucial to understanding our current financial landscape. While it may seem like women have always had equal access to financial resources, the reality is quite different. In fact, women’s access to money has had a relatively short history, particularly when we consider the past 100 years. By examining some of the major events that have shaped women’s financial lives, we can gain valuable insights into the challenges and opportunities that exist today. So, let’s take a closer look at some of these key milestones and their impact on women’s economic empowerment. History of women and money
In the landscape of women’s financial empowerment, the path to equality and financial security is a complex and everevolving journey. While strides have been made, challenges persist, underscoring the importance of ongoing advocacy for gender parity. Equal Pay Day, a significant marker on the calendar, serves as a sobering reminder of the persistent wage gap between men and women, with women, on average, earning just 82 cents for every dollar earned by their male counterparts. To compound this issue, the “pink tax” continues to exact a toll on women’s wallets, with everyday products and services costing more simply because they are marketed towards women. The battle for pay equity is also deeply intertwined with student loan debt, as women often bear a disproportionately heavy burden of education-related financial obligations. As we delve into the multifaceted financial landscape of women today, it becomes clear that the pursuit of economic equality is not only a vital societal endeavor but a fundamental imperative for the financial well-being of women everywhere.
Equal pay day in the US is how far into the year women must work to earn what men earned the previous year.
April 2nd 2024 Celebrated on this day
August 22, 2024, for Black Women
September 23rd for Native American women
November 20th for Latina women.
Pink Tax https://www.investopedia.com/pink-tax-5095458
Pink Tax: women-priced products are more expensive than similar products marketed to men. These include things like:
Personal care products, razors, shaving cream, deodorant, shampoo.
Clothing and apparel like t-shirts, jeans
Dry cleaning services
Toys and Accessories: – school supplies, children’s bicycles
Senior and healthcare products like canes and adult diapers
The Gender Wage Gap in the US is 82 cents on the dollar and can depend on age, race, occupation, and region.
Evidence of the gender pay gap is also apparent in certain careers or professions that are predominantly performed by women who are paid less. This includes teachers, nurses, social workers, childcare/early education, retail, housekeeping,
Student Loan Debt – Women hold 66% of all student loan debt.
41% of women undergraduates take out student loans, compared to 35% of male undergraduates.
https://educationdata.org/student-loan-debt-by-gender#:~:text=Women hold 66%25 of all, to pay off student loans.
Caregiving – In wages alone, this unpaid care is worth more than $300 billion annually for men – and more than $625 billion
As it stands, the path to pay equity remains alarmingly distant, with a disheartening projection that it will take another 208 years to bridge the gender pay gap if current trends persist. This sobering reality underscores the urgency of addressing this issue. For women, it means contemplating the enduring challenges they face in the workforce, from salary discrepancies and wage disparities to the often underrepresented presence in leadership roles. It necessitates a collective effort to challenge gender biases, advocate for equal pay, and push for more equitable opportunities in the workplace. Women must continue to strive for self-empowerment and financial literacy while fostering networks of support and mentorship. Additionally, the imperative lies in society’s collective responsibility to create a more inclusive, fair, and equitable professional landscape for women, one where talent and capability are the only determinants of financial success.
Here is a video that was created pre-Covid and unfortunately the stats are no better… probably worse.
Watch this video and let’s reflect.
Video of 208 years : https://youtu.be/ggJv3ameczw?si=xVVleiodH7YI_NyG