Women, Age, and Money
I’ve been researching something lately that’s got me a bit fired up. 😡😤You’ve probably heard the stats about the gender pay gap - 𝘄𝗼𝗺𝗲𝗻 𝗲𝗮𝗿𝗻 𝟳𝟱 𝗰𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗲𝘃𝗲𝗿𝘆 𝗱𝗼𝗹𝗹𝗮𝗿 𝘁𝗵𝗮𝘁 𝗺𝗲𝗻 𝗮𝗿𝗲 𝗽𝗮𝗶𝗱. right from the time we start our careers. Among the myriad BS reasons for this is the “motherhood penalty” where women's earnings are impacted by pregnancy and time off for child care and the “fatherhood premium” where men are compensated to support their families.
That's hard enough to swallow but what’s really got my knickers in a knot is the age tax that also disproportionately hits women. Did you know that the income gap between men and women actually increases as we age? Check out these interesting stats:
On average women reach their peak earnings at age 44, while men keep climbing for much longer and reach their peak earnings at 55.
At peak earning men’s income is roughly 40% higher than women's.
Women are 80% are likely to be impoverished in retirement than men.
There are many many more stats that I could share with you but the net net is the system has been rigged against women from the beginning. Ageism and sexism are alive and well in our society and as midlife women, we are right in the bullseye. And let's not talk about what happens when death, illness and divorce are added to the mix.
What gives me hope though is that it doesn’t need to be that way. We are not doomed to a mediocre midlife existence and retirement poverty. Or relying on our partners to run the show.
We have the power to change this narrative one woman at a time as we step into the inherent power of this time of our lives. We are confident smart and capable with all the knowledge, wisdom, and experience we need to create a prosperous and fulfilled next chapter. We are at the beginning of a 30-40 year chapter of life where we get to choose again and again and again - a new career, a business, a charity, or any other dream we choose to create. And we’re young enough to make it happen.
Did you know that start-up businesses run by women over 40 are more likely to be successful than start-ups in any other age cohort!
Often the only thing that stands in our way is the belief that we can in fact do it. I see too many women shying away from incredible dreams because they don’t think they have what it takes. You are never too old. It is never too late. And you have everything you need. (Trust me. I know this). I want all women in midlife and beyond to have the opportunity to flourish in a life of prosperity, purpose, and passion.