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Bringing Awareness to Equal Pay Day

What is Equal Pay Day?

Every year in March or April, National Equal Pay Day brings awareness to the pay discrepancies between men and women for the same work. Equal Pay Day was created by the National Committee on Pay Equity (NCPE) in 1996. This year, Equal Pay Day will be recognized on March 15.

Equal Pay Day also symbolizes how far into the year women must work to earn what men earned in the previous year.

In 2021, women earned 82 cents for every dollar earned by men so a woman must work 15 months to earn what a man earns in 12 months. According to a recent article in Forbes, women lose hundreds of thousands of dollars over a lifetime compared to their white male counterparts. One study showed that white women lost $555,360, and black women lost $964,400 over their working lifetime. 

The pay gap between men and women is expected to rise post-pandemic. The prediction is that women will earn ONLY 76 cents for every dollar earned by a male worker, and it will take more than 10 years to close the wage gap to what it was before the pandemic. Unfortunately the pandemic increased the gender pay gap.

What Can You Do to Bring Awareness? 

Here are a few suggestions to help bring awareness to the gender pay gap. 

Look for companies that have pay transparency - both for employers you want to consider and companies and organizations you want to support.

  • Advocate for yourself for pay increases (raises and promotions).
  • Do your research on salaries before entering negotiations with a current or potential employer. (Studies show that the pay gap is perpetuated by the ask gap meaning that on average women ask for 6% less than men.) 
  • Contact your House Representative and Senators to tell them how important fair pay is to you. Information about how to contact your members of Congress is available here.
  • Wear red on Equal Pay Day to symbolize how far women are “in the red” with their paycheck compared to men. 
  • Meet with a financial advisor/coach who can help you determine whether or not your current salary is reasonable.  

In February, the U.S. national women's soccer team won $24 million in an equal pay settlement. Progress toward equal pay is being made but not without significant effort. Together women AND men can work together to close the gender pay gap.

How We Can Help You

One of our financial planning clients recently shared that she secured a new job that paid her $22,000 more than her previous role, about a 50% increase. “I want to thank you for encouraging me to reach beyond my scope and giving me a ‘come to Jesus’ moment!” During our financial planning sessions with this client, we were able to identify what was a reasonable salary based on her experience, education, and type of employer. 

If you'd like to schedule a complimentary call with us to discuss how we can work together to help you achieve your financial goals, click here.

We offer a variety of resources on our website to help you get started in your financial planning journey. Click here to see our full list of resources. 

Equal Pay Day Resources

National Committee on Pay Equity

Equal Pay Today

Related Blog Posts

How to Ask for More: The First Thing You Need to Know When Advocating for More Money

Facing Your Fear: How to Ask for a Raise When You're Underpaid

Tips to Negotiate a Higher Starting Salary

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