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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

25 mins ago - Podcasts

Podcast: After the Biden inaugural

Joe Biden was sworn in today as America's 46th president in an inauguration unlike any other in modern history.

Axios Re:Cap goes deeper into the speech, the atmosphere and what it all tells us about the incoming administration, with Axios political reporters Hans Nichols and Alexi McCammond.

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.

Updated 57 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Representatives from all branches of the military escort the 46th president to the White House.