Women Lose How Much Money in Their Life Due to the Gender Pay Gap? $50,000? Guess Again

You may have heard that the latest U.S. Census statistics show that full-time working women earn 77 cents to every dollar earned by men nationwide. Even President Obama has vowed to put the official kibosh on this injustice, but what does that really add up to over a lifetime span of a successful woman’s career?

That answer may shock you since it equates to losing nearly $530,000 over her lifetime. And if you thought that was bad, you may want to skip over this next line because those of us who thought continuing onto college and receiving a higher education would benefit us are noted for earning $800,000 less over their lifetimes than equally qualified men. Surprising, right?

Breaking these statistics down in terms of individual states, women working in the Big Apple may be relieved to know that New York has the smallest pay gap. Women there make about 88 cents for every dollar earned by their male peers. But compare that to Louisiana, where women earn 67 cents for every dollar earned by working men, according to “Status of Women in the States” study for the Institute for Women’s Policy Research.

Washington D.C., our nation’s capital, currently ranks as the best place for working women due to their average salary earnings, reaching upwards of $60,000. In contrast, West Virginia is at the bottom of the list and is highlighted for being the worst state for women because it has the second-highest wage gap and fewest females in the labor force.

If something isn’t done quickly, experts are predicting that the gender pay gap won’t close nationally until 2058. So, what do you think are first steps needed to be taken in order to close this gender wage gap?

The FWA’s mission is to accelerate the leadership and success of women across the financial community in all industries, by advancing careers, fostering alliances and preparing the current and next generation of professionals.

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