At this year’s commencement address for Barnard College Abby Wambach, two-time Olympic gold medalist and World Cup champion, delivered an emotional and empowering rallying cry to the class of 2018. Lamenting the fact that women still earn only 80 cents for every dollar men make, she proclaimed “Change is here! Women have learned that we can be grateful for what we have while also demanding what we deserve.”
Together, we can make it happen.
It’s been 55 years since President Kennedy signed the Equal Pay Act into law. While women’s wages have improved relative to men’s over time, change has been slow. According to research conducted by the Institute for Women’s Policy Research, if the gap were to continue shrinking at the same pace, it will take until 2059 for women to reach parity.1 In her speech, Wambach encouraged graduates to facilitate change by advocating for one another like a wolfpack. “Demand seats for women” and, as they do on the soccer field “call out each other’s wins.”
Yes, we do mind the gap.
Talking about death can be uncomfortable ─ but Ms. Wambach pointed out the compounding effect of wage differential over time. Women have less to invest and must work longer to save for retirement. When it’s time for your next career move, why not heed Wambach’s advice? Be grateful for your opportunity, but demand what you deserve. Your Luma Wealth advisor can help you prepare to negotiate by providing an analysis of your complex executive compensation package, and tools and suggestions that have helped many executive women negotiate their best deal.
Help, for your breadwinner challenges.
Research shows that breadwinner women face unique challenges, such as social pressures and time constraints and seek supportive services from their advisors.2 If you’re a breadwinner woman, turn to your Luma Wealth advisor for assistance, including the coordination of all your advisors, guidance on wealth planning, estate planning and charitable giving strategies and a strategy for saving for the cost of higher education. Your advisor can also help facilitate discussions related to household roles and responsibilities and financial decision making, with the goal of making life easier for you.
1“Pay Equity & Discrimination,” ©2018 Institute for Women’s Policy Research
2 “Women of Wealth” What Do Breadwinner Women Want?” Eileen M. O’Connor and Heather R. Ettinger, Family Wealth Advisors Council