Women’s Equality Day is Aug. 26., but many women are still being paid less than men.
The Institute for Women’s Policy Research (IWPR) reports that women are paid 80.5 cents on the dollar compared to men. The inequality is even greater among Latinas and black women.
How does that add up? IWPR estimates that the wage gap will cost millennial women, with the same education and job opportunities as their male counterparts, $1,066,721 over their lifetime.
That money missed out could be funneled into one of the most crucial aspects of financial wellbeing: retirement funds. And while 61 percent of Americans are gambling their futures by not knowing how much money they’ll need for retirement, unequal pay puts women even farther behind.
www.bankrate.com
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