Gender pay gap
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Know what you're up against
The good news is that the gender pay gap is closing. Over the last ten years it's fallen by approximately a quarter among full-time employees and in April 2023 stood at 7.7%1. The bad news is, it's taking too long.
It would take at least 29 years to close the gender pay gap in the UK based on the rate of progress between 2011 and 2023, according to new analysis by PwC of data from the Office for National Statistics2.
A number of factors come into play when trying to understand why this gap exists. A higher proportion of women take up jobs that offer less financial reward (such as administration). And many high-paying sectors are disproportionately made up of male workers, such as IT. More women also work part-time. And women are still less likely to progress up the career ladder into high-paying senior roles.
Then there are the career gaps associated with caring duties - whether that’s for children or elderly relatives. And other challenges unique to women such as the menopause. There is also a lack of transparency around pay and women aren’t as confident about asking for equal pay for equal work.
Source:
1.
ONS: Gender pay gap in the UK: 2023
2.
Financial Times - 6 May 2024
Take control
It’s a case of change what you can and accept what you can’t.
- If you’ve chosen a career path that isn’t rewarded well financially, it’s hard to change something that is systemic. And if you find as time goes by that your financial well-being is more important than your career of choice, think about retraining. You could be working for 50 years or so! Financial aid is available, so do your research.
- Research your industry salaries. And if you feel you’re not being paid fairly, open a conversation with your employer. See if there are steps you can take to close that gap.
- If you can’t beat ‘em, budget and save for your future. Saving a little and often can help increase your financial confidence. Find out how our Stocks and Shares ISA and Self-Invested Personal Pension can help you save tax efficiently.
What you could do next
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