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Women joined the workforce in record numbers after the pandemic. But with recent return-to-office mandates, some mothers are now choosing kids over their careers. Although my youngest child is now 22, I can relate.
After I had my first child in 2001, I tried to negotiate a twice a week work-from-home option. My boss said no; return or leave. I did the latter. Work-from-home policies weren’t popular then. But as a journalist, I was able to build a freelance career with the same publisher and added new clients, including the Wall Street Journal, as I balanced being a new mom. My kids were in middle school before I returned to the office.
Freelancers trade corporate benefits and security for flexibility. But without that option, I might have stepped away entirely, adding my name to the long list of women whose careers stall when caregiving and rigid workplaces collide.
I was one of the lucky ones to have a combination of both worlds. But like many women, I found that those “lost years” of a W-2 income compound into lost promotions, lost retirement savings and lost wealth.
In its 2024 Status of Women and Girls+ in Minnesota report, the Women’s Foundation of Minnesota found that women who take even a single year out of the workforce earn nearly 40% less over the following 15 years than women who stayed in. That’s not a pause, that’s a penalty. The report, conducted in collaboration with the Center on Women, Gender, and Public Policy at the University of Minnesota, also found that families led by women in the U.S. possess just 55 cents of median wealth for every dollar owned by families led by men.
The wealth inequities are even starker for women of color. White women have about 56 cents to the white male dollar, but Latina women have only 10 cents, and Black women just 5 cents.