Episode 125: The Gender Pay Gap

Send us Fan MailIn 2022, women in the United States earn 82 cents for every dollar men earn. This has been called the Gener Wage Gap or the Gender Pay Gap. This gap appears to be potentially higher for women physicians, and persists even after controlling for age, experience, specialty and other factors. Over a simulated 40 year career, women physician are estimated to earn $2 million less than male physicians. Women are also more likely to decrease work or give up work in order to take care of children. This puts women at a disadvantage for building wealth compared to men. This episode explores the evidence behind the gender pay gap and talks about things you can start doing now to close the gap for yourself.  ReferencesUS Census Bureauhttps://www.gao.gov/products/gao-23-106041 US Census Bureau Diversity in Medicine: Facts and Figures 2019 Figure 12. Percentage of U.S. medical school graduates by sex, academic years 1980-1981 through 2018-2019https://www.aamc.org/data-reports/workforce/data/figure-12-percentage-us-medical-school-graduates-sex-academic-years-1980-1981-through-2018-2019 Jena AB, Olenski AR, Blumenthal DM.  Sex Differences in Physician Salary in US Public Medical Schools. JAMA Intern Med. 2016 Sep 1;176(9):1294-304 Miller H, Seckel E, White CL, Sanchez D, Rubesova E, Mueller C, Bianco K. Gender-based salary differences in academic medicine: a retrospective review of data from six public medical centers in the Western USA BMJ Open. 2022 Apr 7;12(4): Whaley CM, Koo T,  Arora VM, Ganguli I, Gross N, and  Jena AB. Female Physicians Earn An Estimated $2 Million Less Than Male Physicians Over A Simulated 40-Year Career. 2021 Dec;40(12):1856-1864. Harvard Business Review Why Women Volunteer for Tasks that Don’t Lead to Promotionshttps://hbr.org/2018/07/why-women-volunteer-for-tasks-that-dont-lead-to-promotions  Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...