The Pay Gap Is Growing
According to a recent Newsweek article, men’s median earnings rose by 3.7% between 2023 and 2024, while women’s earnings stayed virtually flat. That means women working full-time, year-round now earn 80.9 cents for every dollar earned by men, down from 82.7 cents last year.
Let’s unpack what’s behind this setback and why it’s about more than just paychecks.
Why the Gap Persists
The gender pay gap isn’t just about unequal paychecks. It reflects how our economy and culture value different kinds of work.
Women are still overrepresented in lower-paying fields like education, administration, and caregiving, roles that are essential but often undervalued. Men, meanwhile, continue to dominate higher-paying industries like technology and finance. Even when women enter those spaces, they face slower promotion tracks, less access to leadership, and persistent pay gaps.
Caregiving responsibilities play a big role here. Many women seek jobs with more flexibility to balance family needs, but that flexibility can come at a cost: fewer raises, fewer bonuses, and slower long-term earnings growth. According to the Pew Research Center, nearly half of employed women (48%) feel pressure to focus on home responsibilities, compared to just 35% of men.
Why This Drop Matters
The last time we saw real progress toward closing the pay gap was in the 1980s and 1990s. Since then, the momentum has stalled and now, it’s slipping backward!! This year’s decline may look small, but small steps back can undo years of progress.
When women earn less, the impact goes far beyond a paycheck. It affects savings, retirement readiness, and the ability to invest in housing, education, or small businesses. Over a lifetime, these differences can amount to tens of thousands of dollars lost, money that could have created stability and choice.
Pay equity is not a permanent achievement. It requires ongoing attention, transparency, and policies that adapt to today’s realities. Without those, the gap quietly widens again.
What Can Help
Closing the pay gap isn’t about individuals working harder. It’s about changing the systems that shape opportunity.
Progress happens when policy, workplace culture, and advocacy intersect. That means supporting measures like:
Pay transparency: Require salary ranges to promote fairness and accountability.
Salary history bans: Prevent underpayment from following workers into new jobs.
Stronger family leave and affordable childcare: Help caregivers stay and grow in their careers.
Cultural change: Redefine productivity to include balance, flexibility, and well-being.
Each of these may seem small on its own, but together, they create the foundation for lasting equity.
A Question for You
Have you seen or experienced the pay gap firsthand in your workplace, community, or personal life? How has it shaped the way you think about money or career choices? Email hello@financesforfeminists.com and let me know.
Sources
Newsweek: “America’s Gender Pay Gap Going in the Wrong Direction”
U.S. Census Bureau: Income and Poverty in the United States, 2024
National Partnership for Women & Families
