By the Numbers: $431,000

The gender wage gap puts women at a career-long disadvantage. In 2011, a typical 25-year-old woman working full-time all year earned $5,000 less than a typical 25-year-old man. In just 10 years, her cumulative lost wages will reach $34,000. If that earnings gap is not corrected, by the age of 65 years, she will have lost $431,000 over her working lifetime.

This substantial gap is more than a statistic — it has real life consequences. When women, who make up nearly half the workforce, bring home less money each day, it means they have less for the everyday needs of their families, and over a lifetime of work, far less savings for retirement.

President Obama supports passage of the Paycheck Fairness Act, which Congress puts to a vote on June 5. This comprehensive and common sense bill updates and strengthens the Equal Pay Act of 1963, which made it illegal for employers to pay unequal wages to men and women who perform substantially equal work.

On a call today, the President talked about the impact of paycheck inequality on American families: “We’ve got to understand this is more than just about fairness.  Women are the breadwinners for a lot of families, and if they’re making less than men do for the same work, families are going to have to get by for less money for childcare and tuition and rent, small businesses have fewer customers.  Everybody suffers.  .”

You can learn more about the Paycheck Fairness Act, and check out some e-cards that explain how income inequality affects American families here.