By Becka Wall – @beckawall
Today is Equal Pay Day, the symbolic day when women’s overall earnings “catch-up” to men’s earnings from the previous year. Women are paid, on average, 79 cents to every dollar a man makes – but that’s just scratching the surface.
The wage gap is just as bad – or far worse – for many women of color.
According to the National Women’s Law Center, African-American women make an average of 60 cents to every dollar white, non-hispanic men make. Hispanic women make 55 cents to every dollar and Asian women make 84 cents.
The wage gap accumulates over time.
It’s easy to say, “Oh, that’s only 21 cents,” but it translates to an average of $11,000 that women are missing out on each year. Here’s what you could buy with $11,000 per year:
In one year ($11,000):
1,222 Chipotle Burritos or Burrito Bowls with guac (~$9 each). That’s right, you heard me – WITH GUAC.
832 large pizzas (average national cost: $13.21)
In two years ($22,000):
A year-long trip around the world (~$2,000 per month)
In three years ($33,000):
A new car (average cost: $30,000)
In five years ($55,000):
Pay for one year of graduate school in full (average cost: $30-40,000)
Closing the wage gap would make it way easier for women to decide about making the huge financial commitment of getting a graduate degree.
In ten years ($110,000):
Buy a house in Cleveland, Ohio (if you saved up an additional $2,800.)
And that’s just in 10 years. Over a lifetime, women miss out on over $400,000 in earnings – almost half a million dollars – just because they’re women. Imagine what you could buy with that!