Through the past decade we’ve seen the slowest progress on closing the gender pay gap in almost half a century. While there have been a variety of companies announcing commitments to equal pay and employee motivations for equal pay have increased, progress has stalled.
As we’ve seen more recently, the gender pay gap does not only affect those currently working. Wealth disparities often extend beyond working time into retirement. In fact, a recent study found that older women receive only about 80% of the retirement income older men receive. This 20% disparity nearly perfectly mimics the current gender pay gap, a sign that the gap is not only a financial problem for working women, but for women in their third act of life as well. On average, women live about six to eight years longer than men, so this retirement income discrepancy can significantly impact their quality of life and ability to pay for healthcare needs in their final years.
