Have you ever heard of the Pink Tax? This is not an actual tax levied by the state or federal government, but rather refers to what has been described as “ a discriminatory pricing practice” that lends itself to charging women more for “substantially similar” products and services. That part is real.
If you have daughters, you’ve probably uttered the words, “geez, girls are expensive”, at least once.
Health and beauty care products, kids’ toys, clothing, dry cleaning and car repair services are found to be the biggest offenders of the pink tax.
Not for nothing, but in my house, regardless of gender, we don’t know what is legit for car repairs. But I suppose, “generally speaking”, men have (or are perceived to have) more general car knowledge and may be less likely to be quoted an unreasonable price.
Toy pricing came as a surprise to me. One example cited in the piece I read was a blue bike helmet costing less than the same helmet in pink. Same manufacturer, same product, different color. Maybe pink decals cost more?
The State of New York actually passed a “Pink Tax Ban” in 2020, prohibiting this practice and requiring certain service providers to present price lists for standard services upon request.
“Upon request” being the key words there. I’m not sure how the state will effectively police this. Time will tell, but it’s a start.
The point I want to make on this topic is this:
I believe the best defense for stuff like this is a good offense.
How do you create a good offense?
AWARENESS. Through awareness you create knowledge and power, and that goes for anything.
As women, are we always unaware we are paying more? Of course not. Sometimes we make the choice to. I am fully aware I am paying more for my “spa” shampoo, which is why I treasure every drop and don’t share it with the men in my house, but I do have the choice to buy a lower cost product and still get my hair clean.
If you’ve never heard of the pink tax before this, now you are aware that it is actually a thing and you can be an informed consumer. Granted, you probably don’t want to smell like Axe body spray or Old Spice just to pay a lower price, but you can still make choices of one product over another or ask informed questions of a service provider.
Be AWARE. Stay INFORMED. The best defense is a good OFFENSE.
Financial Fitness Tip
I have been involved with a wonderful organization for a number of years called The Fresh Air Fund. April is financial literacy month and they asked me to sit on a panel with some teens to talk about what I do for a living as they learned about financial topics.
Kudos to The Fresh Air Fund for putting this program together for their teens!
They shared a short You Tube video offering some basic, and some not so basic, financial education in an easy to understand format, which I am always a big fan of.
Take some time to view the video and share it with others you think might benefit!
My Favorite Quotes
Since it’s financial literacy month, I am sharing a quote that promotes one of the single most important tenets of growing your wealth over time:
“Do not save what is left after spending. Spend what is left after saving”
– Warren Buffet (and me)