How Much More Money Do Men Earn Than Women Today? Here's What the Data Says

Unfortunately, the gender pay gap is still alive and well.

There's a reason so many women struggle to build cash savings and shore up their finances. For years on end, female workers have fallen victim to the gender pay gap -- a disparity in wages between women and men.

In a late 2022 study by the U.S. Government Accountability Office, women made up a good 44% of the workforce in 2021. And that year, women earned an average of $0.82 for every dollar brought home by their male counterparts.

The gender pay gap is even worse for women with management roles. Female managers only earned an average of $0.77 for every dollar earned by male managers in 2021.

Self-employed women are struggling, too. Among workers who were self-employed in their own incorporated business in 2021, women earned just $0.69 for every dollar earned by men.

The only sector where the gender pay gap wasn't as extreme in 2021 was government agencies and non-profit organizations. Women working in that sector earned an average $0.85 per dollar earned by men. But that still represents a pretty notable difference.

If you're a female employee and are convinced that you're underpaid, it's imperative that you not remain silent on that issue. The sooner you advocate for fair wages, the sooner your personal financial picture might improve.

Stand up for fair pay

Because the gender pay gap has existed for a long time, you may be somewhat resigned to bringing home a smaller paycheck than your similarly qualified colleagues who happen to be male. But that's not a fate you should accept.

If you feel you're underpaid and that your gender is to blame, raise the issue. Research salary data within your company and within your field and put it in front of your employer. It may be difficult to prove that you're being paid less specifically because of your gender. But if the average person holding down your role within your industry or company makes $62,000 a year, and your salary is only $51,000, then you have a clear argument to present.

To be clear, you don't necessarily want to come out and accuse your employer of gender pay bias (at least not without consulting an attorney first). But you absolutely can point to the fact that you're statistically underpaid as a reason to warrant a pay boost.

Fight for the wages you deserve

A higher paycheck could do a lot of great things for your finances. It could help you pay off lingering credit card debt, build a retirement nest egg, and work toward near-term goals you might have, like paying for your kids' college education or making a down payment on a home.

If you feel that you're underpaid based on your job responsibilities and skills, then don't hesitate to fight for a more equitable wage. You may not be able to cite gender bias outright, but you can certainly call out the fact that your wages just plain aren't reflective of what you're worth.