Recent data from the Bank of America Institute reveals that the gender pay gap is gradually decreasing as women experience higher income growth than men. Women's median discretionary spending has also outpaced that of men, showing a 0.9% increase year-over-year. The report highlights women's role as key economic contributors, particularly as they make substantial pay jumps when changing jobs. These developments suggest that women's increased financial power not only benefits their economic position but also drives overall economic growth, fostering optimism for continued progress.
Not only that, but with women earning more money, and spending more of it, they've been something of an economic engine in recent years, too.
What forces drive women to earn more, fuel the economy, and erode the gender pay gap? There are a lot of variables in the mix.
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