There are a lot of reasons behind the pay gap. Some of the fields dominated by men, such as finance, tend to pay more. Women may be prone to spending more time out of the workforce than men to care for children and other family members. And some women may face discrimination that leads to less career development and fewer promotions.
Whatever the driver, the pay gap can have lasting effects on women’s financial health, even contributing to a gender gap in retirement savings.
And the issue may be around for a while. Women may not see equal pay until 2059, according to estimates from the Institute for Women’s Policy Research.