WHAT’S THE WORD
UNIVERSITY OF THE INCARNATE WORD
April 8, 2019
Spring 2019
Venessa Wong BuzzFeed News Reporter
Here’s What Millennial Women Need To Know About Money And The Pay Gap In 2019 It’s 2019, and despite a lot of talk about gender equality, the pay gap persists.
Equal pay is a big issue, and it’s even the subject of a bill that recently passed the House and is now in the Senate. Women in the US still earn about $0.79 for every $1 a man earns, on average, according to estimates in a new Glassdoor report. The Pew Research Center estimates it to be $0.85. And while the gap is narrower for millennials than it is for older workers, women ages 25 to 34 still earn 86.8% of what men their age earn (it’s 80.1% for women ages 35 to 44), according to the Bureau of Labor Statistics. The point is, the gender pay gap still exists for young adults, and it’s is even wider for women of color. And this, according to Sallie Krawcheck, CEO of the women-focused digital investment platform Ellevest, is precisely why women need a tailored approach to managing their finances and investing. Krawcheck, previously dubbed the most powerful woman on Wall Street, launched Ellevest in 2016, which “uses an algorithm that accounts for gender differences related to women’s pay, career breaks, and lifespan.” Unequal pay perpetuates a gender investing gap, she said. For one, “The retirement savings shortfall is a female crisis. We retire with two-thirds the money of men,” and yet women have a longer life expectancy, Krawcheck said at a Women’s History Month event hosted by BuzzFeed in March. That’s a long-term concern, but a real one. Only 56% of millennial women have started saving for retirement, compared to 61% of millennial men, in a 2016 survey by Wells Fargo. “The wage gap between male and female millennials clearly exists, and it’s a real issue. It’s important that younger women focus on saving and investing now, as this strategy will help put them in good standing for their retirement years,” said Joe Ready, head of Wells Fargo Institutional Retirement and Trust, at the time. The bottom line: We have to remember to take care of ourselves financially, Krawcheck said, and to take care of fellow women in the workplace too. “My generation failed you. Completely failed you,” she said. “We played the game the way it was laid out.” There’s nothing simple about figuring out how to manage your money, especially if you have student loans, credit card debt, and don’t have a ton of income. The median earnings of millennial women who worked full time was $39,000 in 2017, according to Pew Research Center.
That money has to take care of basic needs, emergencies, and retirement, and — if anything is left — it should be put aside for investments that can grow, even if only moderately, so we can do all the things we want to do for ourselves and our families. She added that the there is a gender student loan gap too: “We women pay the same for the education as the guys do, but then when we make less over the course of our lives, it takes us longer to pay back.” Men in the workplace have an essential role to play in eliminating the gender wage gap, of course. But one thing women — especially those with some authority in their workplaces, particularly, in many cases, white women — can do is help each other toward this end. “We all have to go on this together, right?” said Krawcheck. “Promote each other, talk each other up, refer each other for jobs. Share your salary, tell people how you got the raise. Just for every step forward you take for yourself, raise somebody else that step or two forward as well.”
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APRIL 10TH NATATORIUM PARKING LOT 6PM - 9PM
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Suns out come hang out and party with CAB. Shaved ice, water slide, foam pit, and more!
Spring 2019
Jan 30 Feb 13 Feb 27 Mar 27 Apr 10 Apr24
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@Student Center
Fri., Apr. 19 - Sun., Apr. 21: CLOSED
Fri., Apr. 19 - Mon., Apr. 22: CLOSED
Fri., Apr. 19- Mon., Apr. 22: CLOSED
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