In August 2016, the Workplace Gender Equality Agency highlighted a nationwide gap of 16.2 per cent in earnings across genders. For every dollar a man earns, a woman earns around 83 cents. Of course, this changes from industry to industry. But there's also inequality in what people pay for gender specific products. This hidden tax often makes the "female"version of popular products more expensive than the male version. This has been dubbed the "pink tax".
Prominent campaign group "7%" states that the gender price gap is - you guessed it - seven per cent. This can impact a huge range of products, particularly when it comes to toiletries. GetUp has been campaigning against the pink tax for some time now, and has taken to collating examples from across Australia to illustrate just how ridiculous some of the inequities are. Here are three examples that you might experience every day:
1) Bic pens
Bic has previously come under fire for its "For Her" collection, and this line of products still costs more than a regular set of pens.
A "For Her" double pen set costs $4.50, while a regular pair costs $4.00. For no discernible difference in the product itself, women would pay an extra 12.5 per cent.
2) Kids toys
The New York City Department of Consumer Affairs conducted a report in 2015 on the items that women pay more for, and found that the pink tax even extends to our kids. Helmets and knee pads, for example, cost 13 per cent more when they were targeted at girls.
(It's something to think about when you go Christmas shopping this year.)
There are many examples of the same item of clothing costing more for a woman than a man. For a recent example, GetUp has again provided a $10 difference in the prices of near-identical shirts.
Photo source: https://www.getup.org.au/campaigns/women-s-rights/gender-price-gap/gender-price-gap
How do you get around the pink tax?
It seems that wherever products are branded for women, they are going to cost more. But how can you get around this? How do you deal with financial planning when you'll pay more wherever you look?
Consumer group CHOICE told the ABC that in some cases, it is as simple as shopping in the men's section and avoiding these pink-branded products altogether. But if you're concerned about this on a larger scale, such as in your investments, it pays to get professional financial advice from the team at Yellow Brick Road.