This is Why We Need to Close the Latina Pay Gap

Latinx Heritage Month takes place between September 15 - October 15, and so far I've learned a lot of things from all the amazing Latina women I follow on Instagram.

Like how the Latina pay gap is 46% less than white men and 31% less than white women. 

And not only are Latinas are paid less than white men for doing the very same jobs, but when they do ask for promotions and raises (more often AND at higher rates), they don’t get the same results (source: Lean In). 

Recognizing the Latina Pay Gap

Unfortunately, Hispanic women experience a double pay gap: an racial pay gap and a gender pay gap. On November 20th 2019, women marked Latina Equal Pay Day, which signified the 23 months it takes for Latinas to catch up to the annual earnings of their white, male counterparts from the year before (source: nbcnews). That’s right: it takes Latina women nearly a whole calendar year to catch up.

We grow up believing in the American dream: that if you work hard and get into a good college, life will reward you. But, while Hispanic women continue to be overrepresented in low-wage jobs (source: EPI), what's most surprising is that the pay gap is actually widest among Latina women with a college education. On average, Latinas with advanced degrees only make two-thirds of the salary of their white male counterparts, and a similar discrepancy exists for bachelor’s degree and high-school degree holders.

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Closing the Racial Wealth Gap

Because of these pay discrepancies, Latina women stand to lose around $1.1 million in lifetime wages (source: cnbc), meaning that latinas and their families have less financial stability. Despite doing the work, Latina women are not being paid their full value.

This is why it is all the more important than ever to keep fighting for equality and voting for systems that builds us all up, and not just an ‘elite’ privileged minority. And it’s also so important to educate women - especially Black, Latina and other women of color - on how to build wealth on autopilot, as we continue fighting to close the racial wealth gap.

Women’s empowerment is something that is very important to me. And part of women’s empowerment is empowering ALL women, with special emphasis on marginalized women. We need to build a foundation for the future economic health and success for the women in the United States and across the world.

Building Wealth is Empowering

I created Wealthy Within because I wanted more women to change their spending habits (without compromising their lifestyles) and learn about investing, so that they could start feeling less worried and more confident about their financial future. It’s not fair that we all work so hard in our careers but don’t gleam the same results as our male colleagues. So while we fight the fight and get the equity we need, I want to make sure as many women as possible feel empowered in making their money work for them right now.

Doors for the next round of Wealthy Within are open now, so if this sounds like it’s for you or another woman you know, I invite you to apply!