Perspective: America doesn’t just have a gender pay gap. It has a gender wealth gap.
California First Partner Jennifer Siebel Newsom, center, the wife of Gov. Gavin Newsom , calls for equal pay for women during a news conference April 1 in Sacramento. Siebel Newsom, along with Lt. Gov. Eleni Kounalakis, left, California Labor Secretary Julie, A. Su, right, and others, announced the #EqualPayCA campaign. By Janice Traflet and Robert E. Wright April 2 at 9:53 AM April 2 is Equal Pay Day, which reminds employees everywhere how much progress remains to close the gender pay gap.
But Krawcheck’s efforts are far from the first attempt to stimulate women investment. Over 60 years ago, a nonprofit tried to address the wealth gap by increasing financial literacy among women while shaming corporations into appointing women directors. And while the organization died with its founder, these early efforts unleashed a wave of financial feminism that changed corporate America, even as it has failed to meet the hopes of those who founded it.
And women actually had an unseen advantage. In 1945, Soss penned a Forbes article showing that, in post-World War II America, female shareholders were more numerous than male shareholders, and that women outnumbered men on the stockholder lists of some iconic corporations. This is not to say Soss achieved everything she'd hoped. She grew frustrated that FOWSAB did not expand the ranks of women investors directly owning their own stocks. In fact, toward the end of her career, hordes of investors, male and female, were giving up the direct ownership of individual stocks for mutual funds.
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