Women Will Accept a Salary of $66,000 to Take a New Job, While Men Want More Than $91,000

How much you earn is important. You want to ensure your salary provides enough money for you to afford all your bills. A Federal Reserve Bank of New York study found that the lowest wage one would accept when taking a new job varied significantly between men and women. 

Men want to be paid over $91,000, while women will accept a salary of just over $66,000. This disappointing statistic is further proof that financial inequalities between men and women still exist. Let's discuss how women can advocate for themselves so they're paid fairly. 

Women will accept a salary of $66,068

The Federal Reserve Bank of New York published the SCE Labor Market Survey in July. This study looked at consumers' experiences and expectations regarding the labor market. 

It turns out that men and women have very different expectations for their reservation wage or the lowest wage they would be willing to accept when taking a new job offer. The study found that women will accept a salary of as little as $66,068. 

But men expect much more money. The same study found that men will accept a salary of $91,048. That's a difference of $24,980 -- a significant amount of money. As women earn less than men year after year, their bank account balances continue to suffer. 

This isn't surprising considering the current gender wage gap in the United States. According to a recent analysis conducted by the Pew Research Center in 2022, women earn an average of 82% of what men earn. The research studied the median hourly earnings of full-time and part-time workers in the United States.

Why are many women willing to accept a much lower salary when taking a job? Previous negative salary experiences could deter some women from asking for more money when considering job offers, and they may feel powerless during the negotiation process.   

Three ways women can command higher salaries 

Stats like the ones mentioned above show that there is more work to do in ensuring financial equality for women. If you're a woman looking for work or considering a job offer, advocating for yourself is crucial. Otherwise, your personal finances could suffer. 

Here are three ways that women can advocate for themselves financially. 

1. Research salaries so you know your worth 

It's essential to carefully research salaries before considering a potential job offer. By analyzing average wages for your role, you can be armed with more information, so you know what a fair rate would be before accepting a job offer. 

You can research average salaries by role using employer review and compensation websites like Glassdoor. Another way to learn more about average salaries for your role or positions similar to yours is by joining professional social media groups and reading and responding to salary discussions. Alternatively, you can view various job listings to see what salaries are listed. More states are requiring salary ranges in job postings, so this is getting easier.  

2. Talk about pay with friends and colleagues 

Talking about pay with your loved ones, friends, and coworkers can be beneficial. You could be underpaid for your work without knowing it if you don't have these discussions. While it may initially feel uncomfortable, talking about pay with people you trust can help you better understand your worth. Don't be afraid to talk about salaries if you want to be compensated fairly. 

3. Negotiate for better pay

Don't be in a hurry to accept the first job offer that comes your way. The first salary offered could be the lowest salary the employer is willing to pay. By having already researched average salaries and discussed pay rates with people in similar positions, you'll have a better idea of the going rate when it comes time to consider a job offer. It's worth it to ask for a better salary. If you need help, review these tips to negotiate higher pay. 

You're worth it 

Whether you're looking for a new job or considering transitioning to a different role with your current employer, consider how a job change will impact your finances. Don't settle for a low salary offer. You deserve to be paid well for your hard work. You're worth it!