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Gap in earnings between mothers and fathers in 2024: Mothers made 35% less than fathers on average

Women risk forfeiting over half a million dollars throughout a 3-decade career if the wage gap persists, according to a recent study on our site.

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In a recent study published on their platform, it was revealed that mothers stand to lose over half...
In a recent study published on their platform, it was revealed that mothers stand to lose over half a million dollars throughout a 30-year career if the current pay gap persists.

Career conundrum: Motherhood and the almighty dollar

Gap in earnings between mothers and fathers in 2024: Mothers made 35% less than fathers on average

Here's the lowdown on the pay disparity faced by working moms:

  • The median annual salary for full-time working mothers with children under 18 in 2024? A measly $56,680. That's $19,700 less than their male counterparts who also have kids, and a staggering 35% less than their salary without kids in tow.
  • Men, it seems, reap the benefits of parenthood. Full-time working dads with children under 18 make an average of 25% more – $76,388 – than their male peers without kids.
  • The gap between mothers and fathers with kids under 18? Over $1,600 a month or nearly $20,000 a year. Over a 30-year career? That amounts to a difference of half a million bucks.
  • Women, on average, earn 83 cents for every dollar their male colleagues make, a gap that widens when they become mothers. Single, childless women, however, are closest to parity with men (93 cents on the dollar).
  • The reasons for the motherhood penalty? It boils down to women taking on lower-paying jobs or leaving the workforce altogether post-kids, due to unequal distribution of care work at home. Employers, unfortunately, often view mothers as less dedicated or capable.
  • Men, on the other hand, may see a "fatherhood bonus," earning more due to employers' assumptions that they're now super responsible family men.

Now you know: Motherhood doesn't just mean dealing with sleepless nights and tantrums; it also means facing a significant pay gap.

Money and career tips for moms on the grind

Stuck in a financial mess as a working mom? Here are some tips to help you sail smoothly:

  1. Job for every dollar: Prioritize your spending and stick to a budget. Make every dollar you earn work hard for you.
  2. Max out your 401(k): If your employer matches your contributions, contribute enough to snag the maximum match. Then, aim to save at least 15% of your income annually for retirement.
  3. Categorize your savings: Separate your savings into multiple accounts, each reserved for a specific purpose: emergency fund, child care fund, or that dream vacation you've been planning.
  4. Ask for more: Don't be shy about negotiating your salary and benefits at work. Do your research, know your worth, and don't be afraid to ask for what you deserve.

It's time to bust out of that pay gap and have the financial future you've always dreamed of!

Data Breakdown

Our research analyzed median weekly earnings from the Census Bureau's 2024 Community Population Survey, comparing various full-time working groups:

  • Women without children under 18 vs. mothers with children under 18
  • Mothers with children under 18 vs. fathers with children under 18
  • Women without children under 18 vs. men without children under 18 (partnered and unpartnered)
  • Single women without children under 18 vs. single men without children under 18
  • Men without children under 18 vs. fathers with children under 18
  • Single mothers with children under 18 vs. single fathers with children under 18
  • Married women without children under 18 vs. married men without children under 18

All figures are in 2024 dollars, rounded to the nearest whole dollar. The analysis includes all full-time wage and salary workers regardless of race or ethnicity, and self-employed people are excluded.

  1. Consider opening different savings accounts to categorize your savings effectively, such as a health-and-wellness account, a parenting account for child care expenses, and a small savings account for emergencies.
  2. Science suggests that becoming a parent can affect your salary, as men might benefit from a 'fatherhood bonus,' while women may face a 'motherhood penalty.'
  3. To bridge the pay gap, you might want to consider setting a goal to max out your 401(k) contributions, aiming to save at least 15% of your income annually for retirement.
  4. Maybe it's time to ask for a raise in your salaried job, especially if you believe your work is as valuable as that of your male counterparts.

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