The gender pay gap is a concrete thing. It can get smaller or bigger but it is not some theoretical concept. It is real. However according to Ellevest's new 2018 Money Census report that explores how women and men feel about money, power, equality, and their opportunities, 39% of men do not believe there is a gender pay gap while 85% of women do believe there is one. And that number is even higher for some minorities: 91% of LGBTQ women surveyed said they believe there is a gender wage gap and it was 87% of the women of color.
"The gender pay gap isn't moving. The gender funding gap is miniscule and going down and it is even less for women of color. I am surprised sort of because there is so much press about it, but clearly guys aren't reading it," said Sallie Krawcheck, the founder of Ellevest. This also is why 48% of women overall think that women have to work twice as hard to earn half as much in their careers, while only 25% of men agree with this. Despite all the recent uproars, protests and movement launches, men clearly have a major blind spot when it comes to equality.
One way women can help this progress is by feeling more confident so they feel powerful to ask for more and stick up for their fellow female colleagues (the study revealed that 43% of women are more concerned about the unequal treatment of women, versus 25% of men post the 2016 Presidential election.) Krawcheck's study, which surveyed 2,000 American professional women and men last November, found that the No.1 confidence booster for women is saving and investing (63% of women ranked it over things including salary and education.) "You would think if you look at the main press that it would be shiny hair or wrinkle-free skin or confidence in the workplace but it was this," said Krawcheck. She noted that the top 3 answers were about investing and saving.
The problem is is this where women have a blindspot. They fail to see the gender investment gap (only 55% of them are aware of it), which is really why Krawcheck started Ellevest, the first digital platform specifically for women. in the first place. "Women may lose upward of $100 a day through the gender investing gap alone," she said. For a woman earning $103,000 (the average salary for the study) the gap expands to a loss of $1.1 million over 30 years. This is 10 times what women estimated it was. "Do you know how that much costs you a day? $100 a day! If you had a hole in your pocketbook and lost $100 a day, wouldn’t you do something about it?”
Krawcheck’s wants you to take control of your money because it gives you freedom to do what you want both professionally and personally. As she calls it, she wants you to have "F*ck You money." It will not only allow you to do exactly what you want to do but it also will give you the confidence to lead women into this new era. “Around the world, more women are speaking truth to power, and I believe we’ve reached a tipping point. Those who can’t or won’t see the inequalities women face will either come around and join us on the path to progress – or they’ll have to get out of the way.”