Latinas will lose more than $1 million dollars during their lifetime. Let that sink in. One. Million. Dollars. That is one of the biggest headlines on this Latina Equal Pay Day 2021. But, sadly, it’s not the only big headline. Here is what you need to know about how wide the pay gap is, who Latinas are up against, and what can be done to equalize the disparity.
First, a couple of sobering statistics to set the stage. Lean In reports that Latinas earn almost half of what their white male counterparts do. To be exact, Latina women earn .57 cents for every $1.00 a white man does. When compared to white women, Latinas still fall short there too as white females earn .79 cents per $1 dollar.
Using that one stat alone the loss for a Latina amounts to $2,409 every month, $28,911 a year, and $1.1 million dollars over a career lasting 40 years.
It gets worse for Latina moms. The National Women’s Law Center found that Latina moms earned just .46 cents for every dollar their white, non-Hispanic coworker who was a father did. This despite 60% of moms employed were Latina and were identified as the primary source of income for their families. And Latinas only appeared to take a bigger hit as well in the COVID-19 pandemic.
So, what can be done today to even the playing field for Latinas? Well, a couple of things says Katia Chesnok, a Latina mom and money educator. She says allies can hire and promote Latinas. Put Latinas in leadership roles and pay them fairly. And that’s how change can truly start happening and how this wrong can be put right.