20 April 2022
Happy Wednesday Luv
What do you know about the gender pay and wealth gaps? Are you aware it exists? Let’s unpack it a bit to see what it’s all about.
The gender pay gap gets a lot more attention than the wealth gap, yet income inequality only tells part of the story! Wealth is not only money in the bank, it’s insurance during tough times, tuition to get a better education, better job, and savings to retire on. In short, wealth translates into OPPORTUNITY, something that a huge percentage of Americans don’t have!
Lets see what’s the difference between the gender pay gap and the wealth gap:
The pay gap is what women earn vs men, while the wealth gap is what women “own” in comparison.
- The pay gap: Women are paid on average 82 cents for every dollar a man is paid.
- The wealth gap: Women “overall” own 32 cents for every dollar a man owns. Income can be a major factor when it comes to the wealth gap, and the pandemic hasn’t helped matters either.
Women were more likely to be laid off than men, and throughout the pandemic, woman were more likely to leave to provide childcare for their children when in-person schools and daycares closed.
Add to all these factors that lower-income women and women of color are unlikely to benefit from savings and investment incentives offered through the U.S. tax code, and the result is that millions of women and their families are trapped in a cycle of debt. It’s undermining their capacity to build wealth or take a risk on launching an entrepreneurial venture.
Closing the gender wealth gap starts with education and awareness, empowering women to break the cycle of debt, and equipping them with the tools and financial knowledge to start their own businesses and be entrepreneurs!
It’s essential that aspiring entrepreneurs understand the fundamentals of business and finance in order to start viable businesses that will build REAL wealth for themselves.
The time is now for a call to action to educate woman to make the right choices with their money.
If we as a collective group of female Americans can level up our financial literacy, we’ll see a trickle-down effect with less people living in a rent-seeking economy and more ENTREPRENEURS to establish much-needed businesses that give back to their communities in all neighborhoods.
And don’t just take it from me, research has proven the benefits of female-owned businesses.
I’ll talk to you soon,