The women’s wealth gap is not the same as the women’s wage gap, but it may be a better measure of the financial health of women in America.
You’ve likely heard of the women’s wage gap. Women are paid 82 cents for every $1 a white man is paid.
Women own 32 cents for every $1 of wealth a white man owns. It’s even less if you’re a Black or Latinx woman.The average wealth of a Black or Latina woman is $200 and $100 respectively, according to Closing the Women’s Wealth Gap, an organization focused on supporting women affected by the wealth gap.
Add in motherhood and the wealth (and wage) gap widens even more.
Mothers in the U.S. who work full time are paid an average of 69 cents for every $1 a father makes, or $18,000 less annually, according to the National Women’s Law Center’s (NWLC) analysis of U.S. Census data.
Latina mothers earn just 46 cents for every dollar paid to white, non-Hispanic fathers. The median wealth of black and Latina mothers is $0 and $50 respectively.
The good news when it comes to women and the workplace is that women’s wages are rising faster than mens, according to Pew Social Trends.
Pew credits women’s lead in social and fundamental skills. When women’s wages rise, everyone’s wages rise.
Watch this week’s episode of Money Talks to learn more about the gender wealth gap.