Women are behind in all areas of personal finance: specifically in pay, literacy and investments. So why is it that we also face other financial discrimination such as the Pink Tax? It’s 2022… when are we going to get a fair deal?
So what is the Pink Tax?
The Pink Tax refers to the extra cost women bear when buying essential items such as period products, haircuts, shampoo, razors and more.
Did you know men’s moisturiser is on average 35% cheaper, women can pay over 6% more for razors and even though the 5% VAT tax on women’s period products has been removed, it doesn’t cover items like sustainable period pants. Previously these products sat within the ‘luxury non-essential items’ category… can you believe it?
Women have been and still are paying a premium for their biological makeup. So what can we do to help combat this?
Don’t shop visually
Try not to shop visually. Women control 85% of the worlds spending meaning retailers invest millions in creating attractive packaging that they know appeal to women, the problem being this marketing cost is being passed on to us… the unsuspecting consumers that need basic products and essentials.
Gender neutral pricing
Many retailers will blame the price difference between male and female goods (especially in the beauty & health industry) as a result of differing ingredients but this usually only accounts for 1% of the ingredients. Look to brands that promote gender neutral pricing like Billie’s website.
“That’s why are razors aren’t just half the price of women’s shaving brands, they’re priced in line with men’s razor subscriptions”.
Call it out
Use your voice to call out companies that are imposing the Pink Tax on women whether that be your local dry cleaners to your local toy shop. Unfortunately women experience this disparity from cradle to cane. It’s been proven that toys designed for girls are priced more expensively than those designed for boys, so keep your eyes out!
Think about your future
Before you shrug off the implications of the Pink Tax, think about where this lost income goes… into the pockets of the retailers and not into your future. The Gender Wealth Gap women face means they can expect to have £100,000 less at retirement than men and all of these insignificant cost disparities could instead contribute to a happy and health retirement.
Romi Savova – PensionBee Founder
It is wholly unacceptable that in 2022 women and girls continue to pay more than men for basic products. Consumer brands must urgently review their pricing strategies and make the necessary changes, whether that’s reducing the cost of goods aimed solely at women, or creating gender neutral products.