MARCH 19TH, 2023

THE REAL EXPEN$E OF THE GENDER PAY GAP

Written By: Summer Taufer

In 2022, it was noted by the World Economic Forum that women won't reach pay equality in even a hundred years. Actually, it's 132 years.

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In North America, that number is reduced by a few years. Ok, maybe not quite a few years. It'll actually be another 59-62 years before we see the pay gap sufficiently disappear. Why the difference between us and the rest of the planet? A slight close in the gap was noted, thanks, in part, to our neighbors to the north and an increase of women owned businesses, advancement in education, and defined laws and rules to prohibit gender bias. Still, even with the timing slashed in half, it's hard to cheer on any "advancement" that holds more then half of the population back for even just a little bit much.

And what does this even mean for our daughters, their daughters, their daughters...and their daughters? The cost is much higher than you think.

With increased demands of day-to-day life for women as mothers, wives, business owners, or employees, compounded with less pay, it limits women's abilities and opportunities to invest, strategize for retirement, save for emergencies, and plan for financial success for their futures.

RETIREMENT OPTION OR OPTIONLESS?

Keep these things in mind as you read forward about the challenges women face related to their retirement:

Ladies, if it's proven that we live longer then men and we have less retirement money saved (probably because we make less then men), then we should definitely take advantage of the time and resources we have right now to prepare for our futures. The good news is that retirement planning is not for just for men. There's no existing gender gap related to retiring. Fortunately, women have the same accessibility and opportunity to planning as men do. And we should take advantage of those opportunities, especially when, one day, you will age out of the workforce. The difference is the greater need to be extra prepared for the future because of the challenges women face when it comes to money.

Women statistically live longer then men. On average 5 years longer.

Women have about 65% less then men have in their retirement accounts according to T. Rowe Price.