As of 10th November 2017, women will essentially work for free until the New Year, thanks to unequal pay in the UK.
And that’s not all…
According to the Fawcett Society, at the current rate of change, it will take at least 100 years before women are anywhere close to receiving equal pay to their male counterparts. With both younger women, as well as older female employees, now seeing their pay fall behind that of men, the movement to equalise pay has not only stalled, but is now officially going backwards.
The current gender pay gap means that for every £1 a man earns in the UK, a woman will earn an average (or less) of 86p: a fact that has not changed for the last three years, and which essentially means women work for free for at least two months of the year.
The impact of long-term financial inequalities devastate women’s purse-strings from the moment they start work, right through to their retirement age.
Dr, Carlone Easton, CEO of the Young Women’s Trust states: “The gap exists from the moment women start work. Young women apprentices earn 8% less than their male counterparts, leaving them more than £1,000 a year worse off.”
Whilst on the other end of the spectrum, more than half of all female workers in the UK admit to feeling financially unprepared and anxious about their retirement, with growing evidence emerging of a gender savings gap being accumulated by the Pensions and Lifetime Savings Association.
Spending a lifetime battling financial inequality in the workplace can have devastating impacts for women from all walks of life, and is directly linked to how our socio-political cultures view women across the globe.
Sam Smethers, CEO of the Fawcett Society states: “At a time when we are breaking the taboo of talking about sexual harassment in the workplace we need to wake up to the fact that a culture which tolerates or even fosters sexual harassment isn’t going to pay women properly either.”
At Making Herstory, we have seen first hand the abuse which financial insecurity, dependency and inequality can lead to.
So whoever you are – whether that be a male or female worker, employer, or policy -maker, you CAN do something about this injustice. It’s time to ask question, get answers, be transparent about wages, and work together to make sure women receive equal pay for their work today.
Because no woman can afford to wait 100 years.