Did you know that women reach their peak earnings at age 44—a full 11 years before men?1 There are a variety of reasons for this gap—including trends for specific career fields, the choice to start a family, and ethnicity—but this statistic is yet another example of how financial planning for women differs from planning for men.
What can you do to make up the gap? A lot of it may come down to your workplace. You could ask for and negotiate a raise—just be prepared. Put together a list of your accomplishments and ways you’ve contributed to your company’s overall value. Keep in mind your career field’s overall marketplace and your company’s health; this will help you gauge how much to ask for.
If a raise isn’t in the cards, you may choose to look at ways you can supplement your income. This can include purchasing a real estate property, freelancing, or taking advantage of the gig economy.
You also may choose to look for a higher paying job. Knowing you are valuable and having the confidence to find another job is often harder for women than it is for men. In addition, the stresses of making a leap into a new workplace while juggling responsibilities at home often stop women from even exploring this option. Whatever your situation, we are here to help with all of your planning needs. Reach out to us anytime.
~Your Purpose Planning Team
Bridging the Earning Gap
August 16, 2023