While the gender pay gap is not necessarily news to us, it's interesting (and saddening) to see how unequal pay affects our funds over longer periods of time.

 

New research from the UK has found that women will earn about a quarter of a million euro less than men over the course of a lifetime.

 

Unfortunately, the pay gap begins right when young women enter the workforce.

 

Young women aged 22 to 29 are paid an average of £1,500 (€1,700) less than their male peers each year, BreakingNews.ie reports.

 

 

The study found that the pay gap widens to an astonishing £7,600 (€8,600) a year when women and men reach their 50s.

 

The Young Women's Trust in the UK, who compiled the data, estimates that this means women are paid £223,000 (€254,500) less than men over a lifetime.

 

This vast financial difference can often be attributed to fewer women being in senior roles, gender-based discrimination, and the caring responsibilities that women are often expected to shoulder.

 

Dr Carole Easton, Young Women's Trust's chief executive, commented on the results, saying:

 

"We know that many young women are struggling to make ends meet because they are more likely to be on low pay. Discrimination and unequal caring arrangements still prevent them progressing at work and reaching higher salary bands.

 

 

"We need to help more women into male-dominated sectors and into senior positions. Helping parents share childcare more equally and supporting women back into the workforce after taking time out through flexible working opportunities would make a big difference, too."

 

She added, "Where companies find they have a gap, there should be a requirement to put in place a plan to close it. Without action, today's young women face a lifetime of unequal pay."

 

We hope this discriminatory practice ends so that we and women in generations to come don't find ourselves at a financial disadvantage.

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