According to a recent study, one in three (33%) women in the workforce don’t think they’re being paid what they’re worth currently. This is a huge problem, as it can lead to women leaving their jobs early or not getting hired in the first place.
Credello, a leading personal finance resource, partnered with the research firm YouGov to explore how women in today’s workforce think about money, particularly in regards to their salaries, while dealing with issues of pay transparency and gender pay inequality.
The work and money survey included 2499 participants that provided their opinions on topics including:
The study found that one in three women currently in the workforce don’t feel they’re being paid what they’re worth. Only 12% of women reported any sort of financial health benefits from their employer.
Thirty-three percent of women reported an additional $300 per week would drastically change how they can handle their finances and improve their quality of life.
The women surveyed reported that with an additional $40 a day:
Too often, women in the workforce don’t feel they’re being paid what they’re worth. This can have a negative impact on their morale and productivity. When women feel undervalued, it can lead to lower wages, fewer promotions, and fewer opportunities for career growth.
The gender pay gap is a persistent issue in the U.S.. A report by the American Association of University Women (AAUW) found that women in the workforce earn only 84 cents for every dollar earned by men. The AAUW report also found that this wage gap exists across all industries and occupations.
There are several reasons why women earn less than men do. Some of these reasons include:
The issues facing women’s financial health go beyond pay equity. Women face unique challenges in managing money, including a greater likelihood of experiencing financial stress and anxiety. This can lead to overspending and not having enough money to cover emergencies.
There are a number of ways that we can work to address these issues. We can:
Women are undervalued in the workplace, and if we don’t start fixing this problem soon, it will only get worse.