Countless studies have found that a pay gap between men and women exist. Despite what some people say, the pay gap is not a myth. And we now know the exact numbers behind the states with the biggest gender pay gap in this country. The information is shocking at times, but ultimately something we should all be aware of.
Even if you already think you know everything there is to know about the gender pay gap, it is worth looking into. Did you know that it widens as you get promoted? Or did you know that women who are part of unions are actually closer to equal pay than others? Or that black, Latina, and Native American women experience a larger pay gap than white and Asian women?
Or how about the fact that a woman in Wyoming only makes 64 cents for every dollar a man makes?
Well, it’s time to start learning. According to a new study published by NerdWallet that analyzed census data from 2007 to 2015, women living in New York are experiencing the lowest wage gap in the country. New York women are making 89 cents per men’s dollar. Comparatively, Louisiana, West Virginia, Utah, North Dakota, Montana, Oklahoma, Idaho, Michigan, and Ohio are ranked as having the highest wage gaps in the country, with Wyoming as the highest.
But what does this actually mean?
Basically, the study shows that not only do women earn less now, women will also have to invest more. Even though they make less, women have to invest more money into their 401(K) than men to end up with similar retirement savings. Pretty unfair, right? Women deserve better.
As it stands, women need to invest $1.55 for every dollar men do towards their retirement savings in Wyoming. Women need to invest $1.13 for every dollar a man does in New York.
Some argue that the gender pay gap only exists because women are leaving jobs to raise families. Those people are ignorant. Women make less money than men at the exact same jobs. Men rise quicker at their workplaces, while women do not get promoted or receive raises as often. Society expects women to raise families, and do not provide proper services to get them back to work.
Things need to change, and it all starts with knowledge. Know your stats.