Obama creates Equal Pay Day for Americans to fight injustice
US President Barack Obama declared April 12 as National Equal Pay Day in America yesterday to acknowledge the “injustice of wage inequality”.
“The gender pay gap in the United States is among the largest of many industrialised nations, and because women make up nearly half our workforce, this disparity impacts us all,” said Obama in a statement.
He also noted that because women are increasingly becoming breadwinners of the family and underrepresented in senior roles, their lower wage makes it hard to pay for essentials.
“Pay discrimination puts greater strain on families to cover costs like child care or health care, and it holds our economy back from achieving its full potential,” Obama said.
In the United States, a typical full-time working woman earns 79 cents for every dollar earned by the average man. The average full-time working Australian women on the other hand is paid a little more at 83 cents against the male dollar.
- Battle of the sexes continues in Australia
- The pink price rip-off: brands charging women 7 times more for same products
A recent snapshot released by the Workplace Gender Equality Agency revealed the extent of pay gap problems across Australia.
Its findings included that the industry rife for employing and paying women less was financial services and insurance, even though only one quarter admitted it being a problem. The report noted however that societal and family factors have heavily influenced gender inequality over time.
“There are stereotypes about the work women and men ‘should’ do, and the way women and men ‘should’ engage in the workforce,” it read.
If you like this, try reading: International Women’s Day research shows females are better long-term investors
Tips for women to get ahead financially:
- Avoid “pink tax” where possible and shop around to get the best deal.
- Pay your future self by stashing a portion of each paycheck into a savings account with a competitive rate.
- Whether it’s share trading, margin loans or term deposits, getting an introduction to the investing world via our hub could really help your nest egg grow!