Full-time working women earn only about 78% of what their male counterparts earn, according to the White House. The pay gap in and of itself makes it tougher for many women to pay bills and save money. But the issue is further exacerbated by the so-called “pink tax.” The pink tax refers to the extra amount women are charged for certain products or services. Things like dry cleaning, personal care products, and vehicle maintenance. So women not only make less but they pay more, especially black women.

A woman starting her career today stands to lose more than $430,000 over her working years due to the gender wage gap (when women earn less than men for doing the same job), according to a report from the National Women’s Law Center. The lifetime loss of earnings is even worse for women of color. Latinas lose more than $1 million in wages, while black women lose more than $877,000. A pink tax, which over a lifetime, means that women spend tens of thousands of dollars more on certain


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Source: Black Enterprise » Small Business