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MoneyLion has pledged to PaveTheWage
It has been 47 years since the Equal Rights Amendment, yet the pay gap between men and women is still a reality in the United States — on average, women earn 17 cents less than men for every dollar earned. In honor of International Women’s Day and Women’s History Month, MoneyLion has pledged to give members 17% more pay (up to $599) on their first direct deposit into MoneyLion Checking. It’s our commitment to PaveTheWage℠ and bring attention to the 17% gender wage gap in America.
Unfortunately, wage isn’t the only form of inequality when it comes to the role of women in the American labor force. Here is an overview of a few examples:
Women are vital to the labor force
In the US, about 63% of working-age people participate in the labor force — which means 63% of people either have a job or are looking for a job. This equates to about 163 million Americans.* However, this figure is not equally comprised of men and women. According to the Bureau of Labor Statistics, working-age women participate less in the labor force than men.
As of February 2019, about 59% of working-age women (74 million) were working or looking for work, compared to 72% of working-age men (84 million). That means there are nearly 10 million fewer working-age women in the labor force. This statistic is all the more alarming when one considers that, overall, in the US there are more working-age women than working-age men (125 million vs. 117 million).* Roughly 75 years ago, women defied traditional gender norms when they were called to work during World War II, while men were sent abroad to fight. And since then, women’s labor force participation nearly doubled, from about 33% during the 1950s to a peak of 61% in 2008. However, both men and women’s labor force participation has declined since then as a result of the financial crisis.
*Source: Bureau of Labor Statistics
This chart shows that the labor force participation rate of women since the 1950’s has grown dramatically.
Source: Clearnomics, Bureau of Labor Statistics
Women are more likely to hold multiple part-time jobs
Within the US, 5.2% of job holders (7.8 million Americans) report having multiple jobs. However, only 4.6% of men report having multiple jobs compared to 5.4% of women.** While this may be due to a variety of reasons, it does suggest that some women tend to have less job security and economic stability than men in the same situations.
Job security may be an issue for many women
Another important difference lies in the nature of men and women’s jobs. Of men with multiple jobs, 63% have a primary full-time job and a secondary part-time job. This is compared with only 53% of women who have a primary full-time and a secondary part-time job.** One-third of women who have multiple jobs actually have two part-time jobs — nearly double the rate at which men have multiple part-time jobs. Part-time jobs, by their nature, generally provide less economic security than full-time ones. This means that fewer women are afforded the job security that many men enjoy.
** Source: Bureau of Labor Statistics
There are still victories to be celebrated
Although there’s a cultural shift moving toward the empowerment of women and equality of the sexes, and towards recognizing the distance our society still has to travel to achieve that equality, there are still many victories to be celebrated. At MoneyLion, we’re doing our part by giving members a 17% cash bonus on their first direct deposit to help recognize the gender wage gap disparity. Learn how you can also PaveTheWage and get your bonus 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.