Mind the pay gap
Understanding women’s financial lives is the first step to ensuring equal pay.
Growing up, my mother told me that I could be anything I wanted to be. The world was my oyster—there were just a few things I needed to do to start down and stay on a successful life path. I needed to work hard, get an education, pay myself first and never spend more than I made. Her advice was the same for both my brother and me. She was giving us what she thought were the foundations for a healthy financial life. What my mom didn’t tell me—and what most people don’t talk about—is that there are some fundamental differences between the financial lives of women and men.
As we prepare to mark Equal Pay Day in the U.S. (March 15 this year), which symbolizes how far into the year a woman must work in addition to her earnings from last year to have earned what a man had earned the previous year, it’s important to recognize the pay gap is just one aspect of how women’s financial lives are different. Understanding these differences will help us be mindful in our approach to gender parity and ultimately will help all of us live healthier financial lives.