5 Facts about the Gender Wage Gap That Will Convince You It's Real - Growth Freaks

5 Facts about the Gender Wage Gap That Will Convince You It’s Real

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It’s a generally known fact that women don’t make as much money as men. As antiquated as this may sound, the truth is it’s still happening all over the U.S. At the same time, not many people are actually familiar with what the gender wage gap is and how it affects women. Which is why today, we’ve devised a guide examining the gender wage gap. We’re going to provide you with 5 of the most important facts you should know about it.

5 Facts about the Gender Wage Gap You Should Be Familiar with

1. Women Earn 79 Cents for Each Dollar Men Earn

If you weren’t entirely convinced the gender wage gap is real, you should know April 4 is Equal Pay Day, meaning the day women finally earn as much as men did in 2016. That’s because women earn 79 cents for each dollar men do. Of course, the gap differs according to the job, the experience, the amount of time spent on it, and who you ask. For instance, while the Census Bureau released data showing the difference being of 79.6 cents to 1 dollar in 2015, the Labor Department shows a difference of 82 cents to 1 dollar in 2016.

2. Ethnicity and Race Are Also Factors

If you’re a Hispanic or African American woman, you might end up earning even less compared to white men. For example, African American women earn 63 cents for each dollar a white man earns, while Hispanic women earn even less, namely 54 cents to 1 dollar. This means African American women lose about $840,000 during a career of 40 years, and Hispanic women lose over a million dollars. Asian women also earn differently than men, but they do make more than African American and Hispanic women. They typically earn 85 cents for each dollar a white man earns.

3. Higher Paying Jobs Increase the Gap

Unfortunately, in jobs that pay a lot of money, the gender wage gap is even larger. For instance, in 2016, the largest wage gap was in the profession of personal financial adviser. This makes women in high-paying positions lose a lot of money in their career.

4. The Gender Wage Gap Is Real in All but Five Jobs

There are 5 jobs where women earn as much as men. These are: retail and wholesale buyers (apart from farm products); bookkeeping, auditing clerks, and accounting; sheriff and police patrol officers; data entry keyers; and general office clerks. The rest of the jobs on today’s job market pay women less than they pay men.

5. Almost 40% of the Wage Gap Doesn’t Have Any Explanation

While some differences between the salaries of men and those of women can be explained by work experience, occupation, and so on, 38% of the gap doesn’t have any explanation. This means that even if women share the same background with men, they still earn less.

The gender pay gap facts above show that women do indeed earn less money than men, and this is a reality more people should be made aware of. This is the only way in which things can change in the future.

Image Source: here.

Author: Amanda Knowles