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Episode 125: The Gender Pay Gap
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In 2022, women in the United States earn 82 cents for every dollar men earn. This has been called the Gener Wage Gap or the Gender Pay Gap. This gap appears to be potentially higher for women physicians, and persists even after controlling for age, experience, specialty and other factors. Over a simulated 40 year career, women physician are estimated to earn $2 million less than male physicians. Women are also more likely to decrease work or give up work in order to take care of children. This puts women at a disadvantage for building wealth compared to men. This episode explores the evidence behind the gender pay gap and talks about things you can start doing now to close the gap for yourself.
References
US Census Bureau
https://www.gao.gov/products/gao-23-106041 US Census Bureau
Diversity in Medicine: Facts and Figures 2019 Figure 12. Percentage of U.S. medical school graduates by sex, academic years 1980-1981 through 2018-2019
https://www.aamc.org/data-reports/workforce/data/figure-12-percentage-us-medical-school-graduates-sex-academic-years-1980-1981-through-2018-2019
Jena AB, Olenski AR, Blumenthal DM. Sex Differences in Physician Salary in US Public Medical Schools. JAMA Intern Med. 2016 Sep 1;176(9):1294-304
Miller H, Seckel E, White CL, Sanchez D, Rubesova E, Mueller C, Bianco K. Gender-based salary differences in academic medicine: a retrospective review of data from six public medical centers in the Western USA BMJ Open. 2022 Apr 7;12(4):
Whaley CM, Koo T, Arora VM, Ganguli I, Gross N, and Jena AB. Female Physicians Earn An Estimated $2 Million Less Than Male Physicians Over A Simulated 40-Year Career. 2021 Dec;40(12):1856-1864.
Harvard Business Review Why Women Volunteer for Tasks that Don’t Lead to Promotions
https://hbr.org/2018/07/why-women-volunteer-for-tasks-that-dont-lead-to-promotions
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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
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