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| Why The Wage Gap Just Got Worse – And How To Close It |
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A penny. It doesn’t sound like much, but when it comes to the gender wage gap, it’s a big deal. According to the U.S. Census Bureau, between 2022 and 2023, the gender wage gap grew by 1 cent for women working full-time, year-round. In other words, for every $1 a man earned in 2023, a woman earned just 83 cents. That’s down from a historic high in 2022 when women made 84 cents for every dollar a man earns.
From 1982 to 2000, women made major strides toward closing the wage gap, taking it from 65 cents on every dollar to 80 cents. But since then, progress has stalled. While experts say COVID (which forced many women to step away from their careers) could partially be to blame for the recent widening of the gap, there are a number of other factors at play.
"There’s no single explanation for why progress has stalled. The reasons for the pay gap are complex and impact women very differently based on their age, race, and location," says Gloria L. Blackwell, Chief Executive Officer of the American Association of University Women.
While women can do their best to negotiate higher pay, those efforts only go so far. Closing the wage gap once and for all depends on the government and employers taking action, but you can help with the effort, too. Click here to find out how. |
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| This Week In Your Wallet |
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Swapping Turkey Day for Turks and Caicos (or some other tropical locale)? You aren’t alone. As the New York Times reports, more Americans are taking solo vacations during the holiday season, rather than celebrating at home. "Spending the holidays away from friends or family has long carried a stigma of loneliness," writes Julie Weed for the NYT. "But that is changing as more people replace the pressures of gift giving and holiday traditions with self-care and the chance to make up for travel opportunities they missed during the Covid pandemic, often making new friends along the way." According to the solo travel site Flash Pack, bookings have doubled during the holidays over the past two years.
The Fed has served up yet another rate cut, lowering its key interest rate by a quarter point. This follows last month’s half-point cut. In their rationale for making the most recent reduction, something was missing: "Notably, the Fed dropped the phrase "gained greater confidence" in its description of inflation moving toward the bank’s 2% target," as CNN reports. Experts agree the omission has everything to do with politics. "This tweak to the statement is likely a subtle acknowledgment of the heightened uncertainty in the outlook because of the election, without explicitly saying it," explains Ryan Sweet, chief US economist at Oxford Economics.
And, speaking of politics, what is Trump 2.0 likely to mean for your wallet? The Wall Street Journal is taking a deep dive into the topic, covering what the President-elect’s policies will likely mean for everything from credit cards to student loans. One area where we could see changes? Child care costs. "Extending the 2017 tax cuts would mean retaining the child tax credit of up to $2,000 per child under 17," reports the WSJ. "Vice President-elect JD Vance has said that he would like to raise the credit to $5,000, but such a measure could meet Republican resistance in Congress." |
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| Ask Jean |
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Today’s question comes from Angela. She writes: My fiance and I are getting married soon, and we both have health insurance through our respective employers, but after we are married, he can be added to mine, or I can be added to his. We're planning on trying to get pregnant after the wedding. What should we consider when comparing plans and planning for medical costs related to pregnancy/labor? |
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Having a baby is expensive (and, spoiler alert, so is raising a child). According to recent data from the U.S. Department of Health and Human Services, the national median charge for childbirth hospital stays totals $16,884. Oh, baby.
Luckily though, if you have a good insurance plan, it should cover the bulk of that. As you compare your employer-sponsored coverage with your husband’s, there are some key points to consider: |
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Look at the monthly premiums, deductibles, co-pays, co-insurance rates and out-of-pocket costs for each. A plan with a higher premium, but a lower deductible and out-of-pocket costs could be more helpful in covering medical expenses related to pregnancy and childbirth. |
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Being pregnant = a lot of doctor’s appointments leading up to the birth of your baby. Carefully review how each plan covers maternity care (that includes everything from your prenatal visits and ultrasounds to labor and delivery and postpartum care). |
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Check to see if your preferred OBGYN and hospital (if you’re planning to give birth in a hospital vs a home birth) are in-network with either of your plans. |
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Look carefully at each plan’s prescription drug coverage, how the plans treat certain complications (like the need to have a C-section, for example) and if it covers any special maternity-related services, like visits with a lactation consultant. |
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Last, but certainly not least, look to see how each plan handles dependent coverage, assuming you will add your child to your plan once he or she is born. |
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Ideally, the plan you select should provide peace of mind and access to necessary medical services – during your pregnancy, after childbirth and beyond – all without breaking the bank.
Unfortunately, many plans fall short, forcing patients to choose between financial stability and their health. This is where innovative options like Curative come into play. Curative is a new employer-sponsored health insurance plan on the market with $0 copays, $0 deductibles for in-network care and preferred prescriptions—as long as you complete a preventative exam within the first 120 days.
If you’ve done the comparison of your plan, as well as your husband’s and neither seems like they’ll meet the needs of your growing family, then talk to your employer about Curative. It’s still rolling out nationwide, but you can ask your employer to take action today.** |
| Submit your questions to Jean here. |
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| Things That Save You Money |
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Just say no to…candy bars, candles, raffles…you get the idea. Here’s how to respond next time you get asked to support a children’s fundraiser if it’s not in your budget. (For the record, there’s always room in the budget for Girl Scout cookies.) |
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HerMoney Facebook group members are big fans of using Groupon for travel deals – whether it’s for lodging or activities when you’re on vacay. "I’ve used Groupon for a vacation in Hawaii," says Mary Beth. "It was a great deal and I spent the week with some nice people!" |
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Sampler platter, anyone? The eatery TGI Fridays recently declared bankruptcy… and has $50 million in unused gift cards. If you’re hanging onto one, experts say to eat up, ASAP. |
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| We maintain a strict editorial policy and a judgment-free zone for our community. We strive to remain transparent in everything we do. Website posts and newsletters may contain advertisements, links and mentions of products from our partners. Learn more about how we make money. |
*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3807168.
HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services. |
| **This is a sponsored post |
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