Statement From First Lady Mccray on Cornell Study Showing Pay Declines as Women Take Over Fields

March 18, 2016

“This study comes as no surprise to the millions of working women in New York City. Every time they get their paycheck or look at their bank balances, they know the numbers should be bigger. And this pay gap has real-life consequences. Women make up almost half of our labor force, and single-parent families depend disproportionately on female breadwinners. Although our economy depends on their talent and hard work, one fifth of all women in New York City live in poverty. Studies are important, but now it is time for action. That’s why we established the Commission on Gender Equity – to make sure government is doing everything it can to help women and girls have an equal chance to succeed. As Honorary Chair of the Commission on Gender Equity, I urge everyone who benefits from the contributions of working women – in other words, everyone – to demand that women get equal pay for equal work.” 

Background – Women entrepreneurs in New York City:

• The City works hard to support women-owned businesses through Women Entrepreneurs NYC (WE NYC), the first municipal program in the country designed to provide tailored services to over 5,000 women business owners in the areas of access to capital, business skills, networks and information. WE NYC’s programs allow women to unlock their full economic potential, lifting up thousands of women and their communities, as well as serving as a model for other cities around the world. Ultimately, investing in our women is essential to fostering growth in our city.
  • While only 10 percent of women rely on banks for capital, nearly 20 percent of men turn to traditional lenders for support.
  • As women gain experience, closer to 30 percent use banks to fund their growth, but approval rates for woman-owned companies throughout the country are 15 to 20 percent lower than for businesses owned by men.
  • Women entrepreneurs in New York City expressed substantially less overall confidence in their business skills and abilities – nearly 75 percent of women cited “lack of confidence” as a challenge compared to 60 percent of men.
  • Nearly half of women entrepreneurs cite access to mentors and business advisors as a challenge during their business start-up phase. This lack of access is felt particularly strongly by Hispanic women, women with low incomes and women business owners with annual revenues below $10,000.