It's April and our focus this month around the WomanUP!® Community is "Building Wealth and Financial Management".
While researching the topic, we came across some jaw-dropping statics on Ellevest that we have highlighted below. If you would like to read more, visit the original post here.
The gender pay gap, average pay to a man’s dollar: 86 cents for Asian women, 82 cents for women overall, 75 cents for white women, 61 cents for Black women, 58 cents for Native women, and 52 cents for Latinx women. (We don’t have reliable stats yet about non-binary people’s pay gaps.)
Wealth disparities start very early in life: Parents pay kids identified as boys twice as much allowance as they do their kids identified as girls.
Single women pay more for mortgage loans and are denied them more frequently than single men or couples. Single women borrowers are more likely to be people of color.
Five times more women than men live paycheck to paycheck, without an emergency fund.
The pink tax (being charged more for the same products marketed differently) costs women an average of $1,351 a year.
99% of investment management firms are owned by white men, 88% of senior fund managers are white, more than 70% of junior professional investors are white. Women make up only 8% of investors.
Women hold 71% of their assets in cash (aka not investing to build wealth), vs 60% held by men.
Women, on average, retire with two-thirds the money that men do.
Women are 80% more likely to be impoverished in retirement.
By the way, in several studies, women were shown to be more successful investors than men were.
Women are also more likely to repay loans.