Everyone knows about The Gender Pay Gap and yet, it (and the 4 other reasons on this list) still haven’t been addressed and resolved in any satisfactory way that demonstrates positive change.
It seems women just aren’t a priority, even with and for themselves. My theory is that not enough women understand the true consequences of these things in their own lives. So, let me spell it out. Earning less money equals a lower lifetime earning potential, even though women live longer. And money that isn’t earned can’t be saved, invested, accrue compound interest or leverage market gains. As women, we are literally bankrupting our future selves. And the only answer is to unite together to insist on equal rights that equitably compensate women for their efforts at work and at home.
1. The Gender Pay Gap
According to the National Women’s Law Center, women in the U.S. earn 82 cents for every dollar earned by men, even when they have the same education and experience and work full-time and year-round. It’s also important to note that The Gender Pay Gap has remained stable for the last 20 years.
2. Career Interruptions
Women take more time off from work than men due to pregnancy and caring for children and/or other family members. This work isn’t compensated and is still largely considered to be within the realm of womens’ “responsibilities” to their family and society in general. These career interruptions also limit and lower lifetime earning potential, while also making it difficult for women to advance their careers.
3. Limited Access To Funding + Support
Investors and lenders are more hesitant to invest in women-owned businesses. Women also have fewer opportunities to network and connect with other entrepreneurs. Both of these issues are primarily based on Reason #2 above, demonstrating that women have less opportunity overall.
4. Lack Of Access To High-Paying Jobs
Within certain industries, women have limited access to higher paying jobs due to gender bias and discrimination in the workplace. The Old Boy Network prevails.
5. Family Obligations
In having to balance the demands of work with family and caregiving responsibilities (in ways that men traditionally or typically don’t), women are placed in a position of having to do more while receiving less compensation, opportunity, advancement and recognition. It’s about time women were compensated for all of their efforts. It’s past time for women to advocate for themselves and insist on equality and equity. With both of those in place, we can use our unique leadership strengths to create financial opportunities, mentorship programs and support networks that serve us now and in the future.
