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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

Updated 6 mins ago - Politics & Policy

Gavin Newsom to face recall election

Photo: Jay L. Clendenin / Getty Images

Gov. Gavin Newsom (D) will face a recall election later this year, California's Secretary of State confirmed Wednesday.

Why it matters: This will be the second time in California's history that a gubernatorial recall campaign has succeeded in getting on the ballot, out of a total of 55 attempts, per Bloomberg.

America's child care sticker shock

Illustration: Sarah Grillo/Axios

Parents looking to return to the job market may find child care options have gotten pricier — and that's if they can enroll their kids at all.

Why it matters: The fate of the recovery partially relies on the return of parents who left the workforce to care for their children.

Biden's major border shake-up

A migrant family waits to be taken to a Border Patrol processing facility after crossing the Rio Grande River. Photo: Brandon Bell/Getty Images

Vice President Kamala Harris' trip to the border on Friday will play out amid the Biden administration widening shake-up of U.S. border policy and leadership.

Driving the news: Rep. Henry Cuellar (D-Tex.) tells Axios that he's been advised by a border official that as soon as mid-July the Biden administration will end all use of Title 42, a Trump-era policy citing coronavirus as rationale to block migrants at the border.