Although people don’t talk about gender discrimination as much as they used to, it’s still happening. For every dollar that an average man earns, a woman only earns 78 cents. In the long run, most women don’t have the same type of savings to live on in comparison to the opposite sex. In fact, females are nearly two times as likely to retire into poverty. This issue is raising a lot of heads in the US, and it has everyone talking about it.
The Employee Benefit Research Institute’s report last December discovered that the average amount in a man’s 401(k) savings account is about $18,000. The United States Government Accountability Office shows that the average for women is 59% less. Women who work in the public sector tend to have slightly better numbers. In the several states that offer several defined benefits pension plan, ladies receive an average of $18,000 when they retire from working in public service.
In another, more recent poll conducted by the National Institute of Retirement discovered that a massive amount of US residents, about 86%, think that the nation is currently dealing with a retirement crisis. Three out of four Americans are worried about their ability to build a secure retirement plan. It’s the reason US citizens, especially women, want people in authority to talk more about and support comprehensive plans for the earnings gap.
There are some officials in America that are already starting deep conversations about these issues. In 2014, the Women’s Economic Security Act was signed in Minnesota. The law is there to make sure that both women and men get paid equally for the same jobs as well as receive equivalent workplace protections and retirement benefits. The new law ensures that the states explore retirement savings options for those working that don’t have it.
Even though there are some plans in place to help with earnings equality, there are still other factors that can affect how much people earn.
Males and Females Tend to Work in Completely Different Professions
The American Community Survey conducted one of the most comprehensive surveys for both genders in the workplace, which included about 3.5 million households in America. They gathered four years worth of data (from 2009 to 2013) which showed that the most common job for woman works is administrative work. The second most common job is a nurse, followed by teaching. The most common job for males is working as drivers, in sales positions and other managerial positions, including supply chain and investment fund managers.
Even With Categorized Occupations, There Remains Wage Gaps
Although more women work as a teacher compared to men, guys can expect to make an average of $1,096 weekly while a woman makes $956, about 86 cents cheaper. A couple of cents less than the dollar does not originally seem like more until you add it up. It can very well make the different between having a six-figure income over a five-figure income. The difference is the most remarkable when you look at tech jobs. One study last year found that ladies earn below six figures in a technical director role, while men get about $40,000 more annually. The American Association of University Women completed a survey that revealed a 7% earnings gap between male and female graduates a year later.
So Far, There is No Major Improvement
According to the Census Bureau, women were able to increase their hourly wage by 1.5 cents since 2012. However, the National Women’s Law Center mentioned there has not been much more of a change than that in the last decade. They believe there are several things halting improvements such as the fact that the lowest paying jobs are comprised mostly of women. If minimum wage were increased, it would make a huge difference.
Others believe that the growth is due to the decline of guys working in the labor force and not better conditions for ladies.
Things Look Worse For Some
Wage earnings are more than just a male to female issue. Women from Hispanic backgrounds make 56 cents, and African Americas make 64 cents for every dollar that a Caucasian makes. There’s even a “motherhood penalty,” where moms without kids make less than mothers who have children. Pew Research Center reports that about 40% of women are considered the breadwinners in their home. The issue we have at stake is more than just women. It also concerns how it affects their family.