Walker’s Legacy, the leading platform for multicultural professional and entrepreneurial women, is proud to join in the recognizing August 22, 2019 as Black Women’s Equal Pay Day.
African American Women’s Equal pay day highlights the substantial economic discrimination and challenges Black women experience in their professional and entrepreneurial careers. This inequality is noted by the fact that African American women are not projected to see equal pay until the year 2124, which means it may take 108 years for equality. These challenges – such as a lack of workplace support and racially-based pay discrimination – stretch to the overall lack of resources for working or entrepreneurial Black women and their families.
“Black women are disproportionately affected by the barriers associated with the gender pay gap. Despite gains in education and business ownership, it is simply unacceptable that gender and race inequity cost Black women seven months of pay each year” Natalie M. Cofield, Founder, and CEO, Walker’s Legacy.and Walker's Legacy Foundation
These 4 fast facts show that there is a long way to go in achieving pay equity:
#1: More than 80% of Black mothers bring in 40% or more of their families’ income, which means their households rely heavily on their wages to make ends meet and get ahead.
#2: Black women earn 66% of bachelor’s degrees, 71% of master’s degrees, and 65% of all doctorate degrees awarded to Black students. Despite this, women are paid less than their white counterparts at every education level.
#3: African American women who complete college degrees are less able than men to pay off their student loans promptly, leaving them paying more in interest and for a longer time. Women working full time had paid off 33% of their student loan debt on average, while men working full time had paid off 44% of their debt. This gap also leads to difficulty in starting a business or changing job industries.
#4: While nationally African American women comprise 14% of all women-owned firms, African American women comprise a greater than average share of all women-owned firms in Georgia (35%), Maryland (33%), and Illinois (22%). Yet, women still do not obtain financial flexibility in comparison to their White counterparts.
Walker’s Legacy and the Walker’s Legacy Foundation focuses on supporting all multicultural women by directly addressing these statistics and creating networks of support that promote financial freedom and entrepreneurial success. To read original content on Black Women’s Equal Pay and other news as it relates to our network of multicultural women, please visit here.