Get 17% more in your paycheck
March is Women’s History Month, and while there is much to celebrate, there are still inequalities to overcome, including the gender wage gap. Women typically earn 17% less than men do*, and MoneyLion is helping to PaveTheWage℠ by giving members a 17% cash bonus up to $599 on their first direct deposit until we’ve given $3 million to the MoneyLion community.
What is the gender wage gap?
The gender wage gap is the difference between what men and women are paid. It refers to the lower median annual pay of women who work full-time, compared to the pay of men who work full-time. Overall, women still only make about 82 cents for every dollar compared to men. While this differs across jobs, full-time vs. part-time, and geography, the statistical differences are meaningful and compelling. This inequality in pay tends to get worse for older workers. For example, on average, women 20 to 24 years of age make 90 cents on the dollar, while women who are 45 and older make roughly 77 cents on the dollar.
The wage gap spans professions and locations
Additionally, the gender wage gap appears to have little to do with educational attainment – women across education levels have lower earnings when compared with their male counterparts. This is consistent across job types and functions as well. In fact, there are only a few professions where women, on average, make as much as or more than men do (i.e., medical assistants, health care support, electrical engineers).
The gender wage gap varies in severity across the US. Wyoming has the largest pay gap, with women earning 72 cents for every dollar a man makes. New Mexico has the smallest pay gap, with women earning 91 cents for every dollar a man makes.
The wage gap for part-time workers is only slightly smaller
Fortunately, part-time and wage workers tend to do better – up to a point. Women who work under 40 hours per week can have comparable, if not better, overall earnings than men. In fact, women who usually work 35 hours or fewer per week often make more than their male counterparts. However, those who work over 40 hours per week tend to see only 88 cents on the dollar, on average.*
What about unemployment rates between genders?
Interestingly, the salary differences don’t translate into decreased unemployment for women. The overall unemployment rate in the US was 3.8% in February 2019. Women experienced an unemployment rate of 3.4%, a decline from 3.8% a year earlier. This is compared to 3.5% and 3.7% for men, respectively. Since the 1950s, the unemployment rate for women was only lower than the current rate once – in 2000. This could signal that it’s one of the best times to find a job in many decades for women (and men).
Make your next paycheck whole
At MoneyLion, we’re doing our part to help address the gender wage gap disparity by giving members a 17% cash bonus on their first direct deposit. Learn more about how MoneyLion plans to PaveTheWage℠ and get your cash bonus up to $599 today. ?
TERMS AND CONDITIONS
Limited time offer. This promotion is open to all genders. Matching contributions are limited to $3,000,000 in aggregate. Individual matching contributions are limited to $599 per person. Promotional period ends when maximum matching contributions are reached. Must maintain direct deposit into MoneyLion Checking Account for at least 90 days to receive matching contributions. Eligible matching contributions will be deposited into MoneyLion Investment Account. Must be a MoneyLion member in good standing at all times until payment of matching contributions. See the Official Rules for additional terms, conditions and eligibility requirements.
MoneyLion Visa Debit Card issued by Lincoln Savings Bank, Member FDIC. MoneyLion Checking Account provided by Lincoln Savings Bank, Member FDIC — Cash advance requires direct deposit into MoneyLion Checking Account.
*Source: Bureau of Labor Statistics