March 24th is Equal Pay Day, finance expert speaks on closing the financial gap

LEXINGTON, Ky. (WTVQ) – For years women have fought to close the financial wage gap between men and women in the workforce.

According to Nichole Huff, a UK Extension Assistant Professor for family finance and resource management…there’s still a long way to go.

“Pre-pandemic, we were seeing you know women making about 80 cents to every man’s dollar and that’s pretty consistent across the nation and we see that here and of course different areas see different wage gaps.”

She says the pandemic however has set women even further back.

“Losing positions in the workforce, needing to stay home to provide care giving roles, so we’re not sure what that number will look like post pandemic.  We anticipate it to go down, as some of the strides that women have made; we’re going to have to rebound from.”

According to new research by Stash, a financial tech company, 71% of men were taught about finances at a young age compared to 54% of women.

It also says that women’s confidence surrounding finances is lower than men.

“I know that our financial literacy standards have changed in Kentucky and so we are requiring all students by the time they graduate and those laws went into effect this year to possess a certain level of financial literacy” said Huff.

Wednesday, March 24th marks ‘Equal Pay Day’ and Huff says it’s important to continue the conversation of closing the gap.

“As a working mother who has a daughter, I think it’s important we do focus on equality of all kinds and so I think financial literacy and discussing the importance of that and our finance is one step in the right direction.”

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