What The Elle - How We Can Fight the Gender Wealth Gap

It’s not just about equal pay. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ 
 
What the Elle Banner

Sallie’s Opinion

22 Ways to Fight the Gender Wealth Gap

 

The gender pay gap gets a lot more play than the gender wealth gap: 145 times more results in a Google search, to be exact.*

But the gender wealth gap is way more important.

The gender pay gap is how much money women earn in comparison to men. The gender wealth gap is how much money women have (or keep) in comparison to men.

The gender pay gap for women “overall” is 82 cents to every white man’s dollar. But let’s be more specific. Some more detailed pay gaps are:

86 cents for Asian women

75 cents for white women

61 cents for Black women

58 cents for Indigenous women

52 cents for Latinx women

There’s less specific data for the gender wealth gap (seriously, why aren’t people paying more attention to this?), but we know that for every dollar a white man owns:

Women “overall” own 32 cents

Black and Latinx women own just one penny

Maybe the gender pay gap gets more play because it feels like the most readily addressable way to close the gender wealth gap. Low-hanging fruit, and all that. But it’s not enough on its own, because there’s so much more at play than just how much we get paid.

So what are the other pieces of the puzzle that we should be talking about? What’s contributing to the difference between how much women earn and how much we keep?

They’re not all things we can fix by ourselves, or at least easily. Systems take time to dismantle, after all.

But there are actions we can take.

(And that’s the reason why we launched a money membership last month, to close these money gaps.)

Let’s step through some of the causes of the widening gender wealth gap and what we can do about them.

Sallie's signature
CO-FOUNDER & CEO
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By the numbers

Women who work in paid jobs outside their homes spend more time on chores at home each week than men who don’t.

Between 2000 and 2018, Black buying power rose 114%, compared to an 89% increase in white buying power. (It’s expected to grow to $1.8 trillion by 2024.)

The “average person” that many cars are designed for is 5'10", 150 pounds, and male. Maybe that’s why a woman involved in a crash is 47% more likely to be seriously injured and 17% more likely to die.

Research performed on 3,618 participants found that people still believe that men are more likely to be brilliant than women. The bias held whether people were describing Black or white subjects and persisted for children and adults across 78 countries. (Does this mean there’s hope for the other 117 countries????)

A collage of Black women, money, and cool products.

Buy Black-owned today

Today is #BlackOutDay2020, a day to support Black-owned businesses exclusively (nod to the original creators of “Blackout Day”). Seems like a great time to shop our community’s favorite businesses led by Black women, right?

SHOP THEM NOW >

What we’ve been reading

Just go read the #TransPeopleAreRealPeople hashtag, OK, thanks.

Simon and Schuster named journalist Dana Canedy as their first Black publisher — she did a great job making the Pulitzer Prize more diverse, and we can’t wait to see the books she publishes.

Glamour’s 2020 College Women of the Year “have taken up space and used it well in a world that was built by and for men.”

What’s going to happen to gig workers and contractors when the CARES Act ends? (TL;DR: Let’s give them benefits.)

Do more for your money and career.

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This week’s newsletter was brought to you while planning a pronoun-practice coffee date. Forward it to your friends who know that anything worth doing is worth practicing.

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DISCLOSURES
 
*As of July 6, 2020, a Google search for "gender pay gap" returns 7,520,000 results, and a search for "gender wealth gap" returns 51,900 results.
All opinions and views expressed by Ellevest are current as of the date of this writing, for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.
Information was obtained from third-party sources, which we believe to be reliable but not guaranteed for accuracy or completeness.
The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.
The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.
Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.
Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Your Ellevest Spend and Save Account deposits will be insured to the regulatory limits by the FDIC through Coastal Community Bank, Member FDIC.
Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance.
Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.
 
 
 

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