Gender pay gap
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Shandia Vythilingum, Social Media Manager
Know what you're up against
The 2022/2023 statistics for the gender pay gap make for disappointing reading1. The median pay gap sits at 9.4% which is close to the 2017/18 stats, when records officially began. And four out five employers paid male workers more than female workers.
The gap is broader in some sectors and narrower in others. Waste disposal and environmental services male managers (34%), vehicle technicians, mechanics and electricians (30%) and other educational professionals (30%) sit at the top of the gender pay gap by occupation league. While pharmacists, cleaners and domestics and primary education professionals - all with just a 1% gender pay gap - fare much better2.
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. International Business Times - April 2023
2. ONS: Gender pay gap in the UK: 2022
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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