This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
As Women’s History Month kicks off, let’s remember equal pay trailblazer Lilly Ledbetter, who passed away in October at the age of 86. Her fight to close the gender wage gap led to landmark legislation making it easier to challenge pay discrimination. After working at a Goodyear tire plant for 19 years, Ledbetter discovered that her male counterparts earned a higher wage for working in the same supervisory role. In 1999, she filed a lawsuit against the company and won. But the ruling and her financial award were later reversed because she filed her suit too late, of all things. She pursued the case to the Supreme Court only to be ruled against again, 5-4. Ledbetter continued her push, and with the support of Supreme Court Justice Ruth Bader Ginsburg, who dissented in the case, Congress extended the time limits for filing suit by passing the Lilly Ledbetter Fair Pay Act in 2009. Sixteen years later, despite the Fair Pay Act, the Civil Rights Act of 1964 and the Equal Pay Act of 1963, we still have a significant wage gap. On average, full-time female employees in this country still earn only about 84% of what men are paid, according to the most recent data (2024) from the Bureau of Labor and Statistics. Experts say the gap has a lot to do with the occupations and industries where women and men are most likely to work. But even after adjusting for that, research shows that women still make less on average than men. (Shoutout to the DOL for publishing lots of interesting data and infographics on this topic). So what? The Fair Pay Act was another step forward for women. Just like the Equal Credit Opportunity Act. (Signed 50 years ago this month, that law afforded women the legal right to independently access credit cards and other financial products). But we have more steps to take.Related Reading
• Gender Pay Gap in U.S. Hasn’t Changed Much in Two Decades (Pew Research)
• Why the Gender Pay Gap Persists in American Businesses (Darden School of Business)
• Grace and Grit, My Fight for Equal Pay and Fairness at Goodyear and Beyond (Lanier Scott Isom)
Image credit: Bernie Pesko/SoFi Source: iStock
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
OTM20250303SW