March is woman’s month and on March 26th, 2026 we will recognize Equal Pay Day. Equal pay Day is the day in the year which identifies how far into the new year women have to work in order to earn as much as a man earned the previous year. Said another way, the day highlights the wage gap between men and women. Let’s consider some realities and how the gap be fixed.
Life Realities
According to the Census Bureau women earn 81 cents to every dollar earned by men. However a more recent Pew Research Survey shows that the gap has narrowed from 81 cents to 85 cents. Now let’s be clear, whether it’s 19 cents short or 15 cents short, we all should feel short changed. This reality has an impact in a two-family income home, but even greater economic impact in women-led single family homes. For example, according to the Census Bureau over a lifetime men would earn at least over $900,000 more than women due to the wage gap. This means that the family investments, assets, lifestyles and legacy remain non-existent for many and for the few which may exist remain underfunded.
Other significant reality factors are that almost 75% of women die single or widowed. This is simply as a result of women living longer than men. Women live between five to seven years longer than men; with women living to an average age of 81 and men’s average age being 76 years old.
Additionally there are family roles and responsibilities taken on by women such that 75% of them become caregivers. In being caregivers, on average women spend 11 years out of the workforce caring for family members and raising children. The result is the loss of wages and retirement savings.
Solutions
The first step in eliminating the wage gap is for women to begin to get involved and take charge of these finances. Even for women in relationships, knowing your family financial plan and operation in practical ways is essential. Responsibilities may be shared but knowing how things work are critical. Taking responsibility also means educating yourself, protecting your credit, and when it comes to employment which is your largest source of income, negotiate higher wages and maximum benefits. For example if you are not employed outside the home or are a low earning spouse, your circumstances may be eligible for spousal IRA (Individual Retirement Account ) contributions.
Another action item is to develop and understand investment plans. Women are traditionally caught between figuring out family security and their retirement. Women exhibit lower confidence when it comes to investing.The result is that they invest more conservatively than men resulting in lower retirement portfolio and savings. This issue can be addressed through financial education and literacy. But beyond that, I recognize that investment language is communicated in jargon that may not resonate with women. Truth is, by default, women will control most of the wealth transfers taking place today given the fact that they outlive men. Therefore, it is incumbent that they gain the knowledge necessary to manage inherited wealth.
Finally, women should ensure the existence of financial protection. Here there are protections such as ensuring that healthcare insurance coverage, long term care insurance, disability insurance and life insurance coverage exist, should you or your spouse suffer employment or financial loss or hardship. The other action item closely related to those coverages is an estate plan. Women should ensure that an estate plan exists for themselves or their family..
The wage gap and equal pay has plagued us for generations. However, there is some good news in that the wage gap is almost eliminated based upon your generation. According to the Pew Research Report, in 2024, women whose ages range from 25 to 34 earned 95 cents per every dollar earned by men. While still not yet perfect, there is measurable progress.
WHAT’S UP!
Today’s What’s Up is about investing common sense. Many experts will tell you that you should not invest until you are out of debt. I would say that advice needs some clarification if not explanation. The simple explanation is that not all debt is equal. Perhaps if you have significant credit card debt, then paying those off before investing may be good advice. On the other hand, if you have a low mortgage which will be with you for another 15 years, would it make common sense to wait until the mortgage is paid before you start investing? Most likely not. Therefore, if it’s a low interest debt, consider investing while you continue to pay it off.
Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2026 All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.
