I bet you have all heard of the gender gap to some extent. But, what does it means for you?
According to the Global Gender Gap Report, when economists speak of the “gender gap” these days, they usually are referring to systematic differences in the outcomes that men and women achieve in the labor market. These differences are seen in the percentages of men and women in the work force, the types of positions they hold, and their relative incomes or hourly wages. So, you know there are inequalities, but do you know on average, how much do these gender gaps cost you? You may want to brace yourselves for this because the truth is shocking.
According to Ellevest CEO and money maven Sallie Krawcheck, a woman makes 78 cents for every dollar a man makes. (Yep, really). This number portrays a macro view of the gender pay gap and is subject to many factors outside of gender, such as age, experience level, and industry. Ellevest indicating that a gender pay gap results in the loss of a staggering $1.3 million in pay for an average woman over the course of her lifetime. Crazy right? And that’s just referring to gender pay gap alone.
So what is a savvy, forward-thinking woman to do? Krawcheck recommends that first you do some research and find out how much you’re worth. “Start with Comparably, which provides average salary data specific to your industry, function, and geography in under a minute. Hired.com will show you up-front job offers from potential employers including compensation numbers after you’ve answered a few questions. GetRaised takes you one step further, not just with calculations of your pay gap. ”
We’re not done. There’s another gender gap that can cost us women even more over our lifetime: It’s the gender investing gap. The gender investing gap can cost us, women, hundreds of thousands of dollars (for some us even million) — and one of the most powerful actions we can take is to invest our hard earned money. “Women do not invest to the same extent that men do: a lower percent of us have started saving for retirement than men,” says Krawcheck. Yet again, Krawcheck has some thoughtful insight on this, asserting that not investing is the precursor to the gender investing gap.When you leave your savings in cash, you may miss out on market gains that could be earned over time, and even worse— inflation actually lessens your purchasing power,” she says.
Investing doesn’t have to be so complicated. In fact, Ellevest was founded on the principles of simplifying and customizing investing for women ⏤ and in turn, crushing the gender investment gap. Are you ready to get on board? Lucky for you, Ellevest has worked really hard to create a digital investment tool for each and every one of you to take advantage of. Between the free downloadable”Go-Getters Guide To Investing” and the newest “Mind The Gap ⏤And Close It: The Ellevest Guide To Dominating Your Financial Future“, you have everything you need to become a badass investor. Also, once you have prepared to take the leap towards investing, Ellevest can help you reach your financial goals through a personalized investment plan that has your best interest at heart.
Now that you’re ready to take control of your financial future, scroll through for 12 desk accessories every
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