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Illustration: Lazaro Gamio/Axios

In addition to facing inequality in pay, women are also lagging behind when it comes to investing. In the latest episode of the Masters of Scale podcast, Ellevest CEO Sallie Krawcheck talks about the cost this disparity in financing has on women’s lives:

“A woman making $85,000 keeps $.71 of every dollar in cash; it costs her, versus a similarly situated guy, $1 million over her life. Let's pause here. Because that's “start my business” money, “buy my dream house” money, take your friggin’ hand off my leg” money, “leave the job you hate” money, “leave the relationship you hate” money.”

Why it matters: With women earning only 50% of what men earn, the “gender investing gap,” as Krawcheck calls it, further exacerbates the wealth divide among genders, making it even harder for women to make independent financial decisions.

In the last week, two studies have shed light on the persistence of the wage gap and how women approach investing:

  • Efforts to close the gap are moving at a “snail’s pace” and parity is expected to take another two centuries, according to research published by Bank of America Merrill Lynch.
  • While the majority of women manage their daily household expenses, only 23% “take charge of long-term financial planning decisions,” a UBS study of women investors found.

What’s next: Last week, a federal judge ruled that the Trump administration must require companies to disclose employee salaries by race and gender. The ruling is expected to affect more than 60,000 companies and 63 million people.

But, but, but: More work beyond salary transparency is needed to close both the wage and investing gaps. It is also unclear whether the Trump administration will appeal this ruling.

Go deeper: Listen to Krawcheck’s full interview on the Masters of Scale podcast

Editor's note: Details of this podcast available exclusively to Axios readers first through a partnership with Masters of Scale.

Go deeper

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

Updated 16 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.