If there were a real City of Cibola—with streets paved with gold—women would need to go there, because they have—and get—less of it.
Women still haven't reached pay parity with men, earning just 79 cents for every dollar a man makes. They spend longer periods out of the workforce, due to raising children and providing care to other family members. And to top it off, they face the prospect of needing more money in retirement than their male counterparts.
But women are running behind in retirement savings, too. They save only 7.5 percent of their salaries, compared with men who save 8.7 percent of larger salaries. They have smaller balances than men; in 2015, women had an average plan balance of $71,060, compared to men's $119,150, according to an Aon Hewitt study.
And, according to that study, they will also need considerably more than men to pay their way through a longer and more expensive retirement, during which they are statistically more likely to need care—including long-term care. In addition, they're statistically more likely to have to take hardship withdrawals from their 401(k) accounts during their working years.
Millennial women are doing even worse; their high loads of student loan debt is a drag on their ability to save. They're only putting away a median of 5 percent of their personal income, compared with 7 percent for men the same age, and have 50 percent less in their 401(k) plan. Student loans represent 64 percent of their average total household debt.
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So what's to be done? For starters, looking for a place that can give a woman a leg up when it comes to money.
It's no secret that pay rates vary from one region to another within the U.S.; in some places, the pay gap between men and women varies substantially, too. 24/7 Wall Street calculated women's median earnings as a percent of men's median earnings in the 100 largest U.S. metropolitan areas to see where they do the best and the worst.
Drawing on data on median earnings, by metro area and by sex, from the U.S. Census Bureau's American Community Survey (ACS), median earnings for specific sectors, subsectors, and occupations, as well as median household income and data on the percentage of women and men in specific sectors, 24/7 Wall Street identified the 10 best-paying and 10 worst-paying cities for women. Below are the 10 best.
In the Memphis area, women's median earnings of $36,317 a year is $2,700 below the U.S. median female earnings. (Photo: AP)
10. Memphis, Tennessee/Mississippi/Arkansas
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Women's pay as a percentage of men's: 85.8 percent
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Median earnings for men: $42,314
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Median earnings for women: $36,317
Before you go getting too excited about the opportunities that Memphis presents, you should know that in some places, the reason the pay gap is smaller between men and women is that salaries overall are lower.
While the pay gap in Memphis is the 10th smallest among large U.S. metropolitan areas, women's median earnings of $36,317 a year is $2,700 below the U.S. median female earnings. So even though your pay will be closer to that of your male coworkers, it will be below what you could make in other cities.
Just 40 percent of management positions in the Greensboro area are filled by women. (Photo: ThinkStock)
9. Greensboro-High Point, North Carolina
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Women's pay as a percentage of men's: 85.9 percent
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Median earnings for men: $40,928
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Median earnings for women: $35,157
This may be one of the lowest pay gaps in the country, but there's another problem here for women: the old glass ceiling, which doesn't have a whole lot of cracks in it yet.
24/7 Wall Street said that just 40 percent of management positions in this city are filled by women, and the typical pay for those women runs about $52,000 a year. A man in that post would make a median of $24,000 more.
In the New York-Newark area, women still are $8,000 behind the typical male earner. (Photo: ThinkStock)
8. New York-Newark-Jersey City, New York/New Jersey/Pennsylvania
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Women's pay as a percentage of men's: 85.9 percent
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Median earnings for men: $57,280
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Median earnings for women: $49,230
While 24/7 Wall Street said that areas with low pay gaps also tend to have low salaries, the New York City area is an exception to the rule. Not only do New Yorkers tend to earn more than in other parts of the country, women earn an average of $10,000 more annually on a median yearly salary of $49,230.
Of course, they still come in about $8,000 behind the typical New York male earner, but overall they're ahead of the game. And New York also has the Women's Equality Agenda—a group of bills signed into law by Governor Andrew Cuomo in October of 2015 that are intended to strengthen workplace equality.
Median earnings for women in the New Haven area are $49,348. (Photo: ThinkStock)
7. New Haven-Milford, Connecticut
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Women's pay as a percentage of men's: 86.3 percent
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Median earnings for men: $57,173
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Median earnings for women: $49,348
While nationally women are slightly less likely to be employed than men, at 47.5 percent of the workforce, it's closer to parity in New Haven, at 49.4 percent.