Smart Living The Gender Wage Gap Is Costing You $1 Million (Yeah, You!)

16:35  10 april  2018
16:35  10 april  2018 Source:   refinery29.com

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There's an Investing Gap That Costs Women Up to $ 1 Million . Here's How to Fix It. By Sallie Krawcheck. And because of the gender wage gap , less earnings to pay it off. (That sound you may hear is my head banging against a wall.)

– If you graduated from college, you ’ll lose $ 1 .2 million compared to the man getting his degree along with you . My question of the week: Why do you think the gender wage gap exists? Here are some explanations that have been given over the years.

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Every Equal Pay Day, there’s a noisy crowd of naysayers who claim the fight for pay parity is over — after all, there’s some evidence the gender wage gap has shrunk to just three cents. Unfortunately, that stat doesn’t apply to everyone (it’s specific to college-educated women in their 20s) and leaves out a big chunk of the female workforce (not to mention it oversimplifies a complicated problem). Those three pennies are just the start of a salary gap that widens as women progress through their careers. By the time you’re 60, your lost wages will add up to almost $1 million.

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The most commonly cited statistic for the gender wage gap asserts that women earn only 77 cents for every dollar earned by men. Simply put, what it conveys is the fact that, if you average out what all women, working full time, year round, earn and compare that number to what all men working full time

Ø Although the gender wage gap has narrowed over time, at the current rate of change, it will not close until 2059.9. The Broader Costs of Gender Pay Inequality. Ø American families depend on women’s earnings.

It’s okay if you just spit out 3 cents worth of your $4 latte. Your overpriced coffee isn’t the reason you’re not a millionaire. That 3 cents docked from your paycheck when you were just starting out your career and the widening wage gap that follows you through, though, might be.

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According to data from the Institute for Women’s Policy Research (IWPR), the income you’re losing as a result of the gender wage gap really adds up. It might just be a few thousand dollars when you first start working, but by 37, you’ve already missed out on close to $200,000. Imagine what you could have done with that money? Paid off your student loans? Bought a house? Gone on a really amazing vacation every single year?

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But it’s the $1 million figure that’s most shocking. While women are regularly taken to task for wasting our money on shoes or fancy coffee or skincare products, it’s insulting to suggest that our lack of financial security is a result of frivolity. In fact, you’d have to buy 16 coffees a day, every day for more than 30 years in order to blow a $1 million on coffee. For the record, men are pretty frivolous, too — video games! booze! cars! (Stereotypically speaking, of course.)

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Much has been written about the gender wage gap . The wealth gap is also wider, which could have dangerous implications as millions of women age into retirement. You may pay 50%+ more in Medicare costs next year.

But you ’re still making half a million dollars less than a man for the same work. That’s according to a new report released by Rep Carolyn B. Maloney (D-N.Y.), which finds the oft-cited 21-cent pay gap The half-a- million -in-lost- wages statistic is certainly depressing enough, but it doesn’t tell the full story.

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How are we supposed to fix this problem if the only people talking about it are women? A new survey from Lean In and Survey Monkey found that one-third of Americans don’t know a gender pay gap exists, and men are nearly twice as likely to refute its reality. But nearly 75% of people say “it would be a major problem or crisis if they earned 20% less money,” and the same research shows an equal percent of people believing the gap is unfair when they learned it’s still hanging around.

It is unfair. It is a crisis. And it’s not something that’s going away.

Related Video: Gender Wage Gap Linked to Depression, Anxiety in Women [Provided by Wochit]

Related: The 15 Countries With The Biggest Gender Pay Gaps [Provided by Business Insider UK]<p>It will take 170 years to close the gender pay gap around the world completely, according to the World Economic Forum.</p><p> In the UK, female managers earn £12,000 less than their male counterparts, according to <a href=new research published in September.

An infographic from business e-card specialist Ecard Shack shows which countries score best for gender equality, in order to predict which nations will be next to close the gender pay gap.

Using data from the World Economic Forum's Global Gender Gap Report, Business Insider has pulled together a list of the countries around the world with the largest gender pay gaps.

The Global Gender Gap Report compares attitudes towards gender equality around the world, considering factors such as educational opportunities available to each gender, life expectancy, literacy rates, the number of women in professional positions, and in positions of power in each country.

The WEF surveyed men and women in 135 countries on the extent to which wages for women are equal to those of men in their country, asking them to use a scale of one to seven. Seven indicated a fully equal salary - thus a non-existent pay gap - while one declared that pay was not at all equal, with a woman's pay totalling significantly less than a man's in a similar job role.

Rwanda ranked first in the world for residents' opinions towards the gender pay gap, scoring 6.14 out of seven. The UK came 41st out of the 135 participating countries, scoring 4.72, while the US scored 4.57, coming in at 66th place.

Scroll on to discover the 15 countries with the biggest gender pay gap according to its residents, ranked in ascending order.

The list also includes each country's overall gender quality score, which indicates how much each country has worked towards closing its gender pay gap - with a score of 1 indicating full gender parity - though this figure had no impact on our ranking.

" src="/upload/images/real/2018/04/10/p-it-will-take-170-years-to-close-the-gender-pay-gap-around-the-world-completely-according-to-the-wo_709883_.png?content=1" /> The 15 countries with the biggest gender pay gaps

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