Black Women’s Equal Pay Day may have passed, but the reality it highlights is far from over. The fact that Black women still earn just 62 cents for every dollar paid to white men is a stark reminder that the fight for equal pay is far from won. It's not just a statistic—it's the lived experience of countless women working hard, contributing their expertise, and yet facing systemic inequalities in return.
At the Financial Alliance for Racial Equity (FARE), the mission is clear: promote diversity, equity, inclusion, and belonging within the financial services industry. But we know that simply being present in these spaces isn’t enough. It’s about recognition, compensation, and creating a path forward where Black women’s contributions are valued as they should be.
Today, we’re talking to Nicole Ridley, Head of Operations at FARE. With more than 15 years of experience in finance, investments, and strategic relationship management, Nicole isn’t just leading the charge—she’s walking the walk. In our conversation, she dives into why Black Women’s Equal Pay Day is more than just a calendar event, how FARE is tackling these challenges head-on, and what needs to change in the industry to make equal pay for equal work a reality.
With Black Women's Equal Pay Day just passing on the 27th of March, can you explain the significance of this day and why it is important for black women?
Black Women's Equal Pay Day marks the point in the year when Black women’s earnings finally catch up to what white men earned in the previous year. This day is significant because it underscores the persistent wage gap Black women face. On average, Black women earn about 63 cents for every dollar earned by white men, which means they have to work significantly longer to earn the same amount. This disparity affects their financial stability, career progression, and overall quality of life, highlighting the urgent need for systemic change. This date reminds us that although we’ve come far in our fight for equitable opportunities and solutions, we still have a ways to go to ensure the next generation is receiving equal pay for equal work.
How does the pay gap specifically affect Black women in financial services?
In the financial services sector, the pay gap can be particularly pronounced due to the industry's historically low diversity rates. Black women often face barriers to entry and advancement, including biases that result in lower pay, fewer promotion opportunities, and less access to leadership roles. These challenges can lead to underrepresentation at senior levels, reinforcing a cycle of inequality that affects compensation and career growth.
What are the long-term impacts of this wage disparity on Black women and their families?
The long-term impacts of wage disparity on Black women are profound. Lower earnings over a lifetime can mean less savings, smaller retirement funds, and a diminished ability to build generational wealth. This wage gap also affects families, limiting opportunities for children's education and overall economic mobility. The cycle of inequality can continue, as financial constraints affect access to quality healthcare, home ownership, and other critical aspects of well-being. What most people don’t realize is that the wage disparity doesn’t just cause immediate damage to individuals, its existence and impact can become cyclical and last for
generations.
Tell us a little about FARE and What inspired you to join FARE and work towards racial equity in the financial services industry.
FARE is dedicated to ensuring that Black professionals feel seen, valued, and included in the financial services industry. I joined FARE as its Head of Operations in 2024 because I believe in the profound impact it can have not only on our industry but also in helping to decrease the racial wealth gap and uplift underserved communities. I wanted to be a part of breaking down the barriers. FARE's mission to drive real, meaningful change through intentional actions resonates deeply with me. What sets FARE apart is our commitment to ensuring our initiatives are rooted in research and solid data on the real challenges people face. We're focused on making a lasting impact in an industry that plays a critical role in shaping people's financial futures, and it's important to me that Black professionals have a fair and equal chance to be a part of that.
What advice would you give to Black women entering the financial services industry today?
To Black women starting out in the financial services industry, my advice is to always believe in your value and don't be afraid to speak up for yourself. Find mentors and allies who can guide you and have your back when things get tough. Remember, you deserve to be paid what you're worth, so don't hesitate to negotiate for fair compensation. Stay informed about what's happening in the industry, and use your network—it can open doors and provide the support you need to grow and succeed. Most importantly, be your own best advocate. No one will fight for your success and well-being more passionately than you will, so trust in your abilities and stand up for what you deserve.
What are your hopes and goals for the future of equal pay for Black women in financial services?
The ultimate goal is to make sure that everyone, including Black women, is paid fairly for their hard work. To achieve this, we need to make meaningful changes in how we structure pay and be transparent about our compensation practices. It's also about fostering a workplace culture that values diversity and inclusion for all, ensuring equal opportunities for advancement and leadership for everyone, regardless of their background
How can the industry at large join FARE in advancing towards true equity and closing the wage gap?
To truly make a difference, the financial services industry can work hand-in-hand with FARE to advance equity. This means being honest and open about how pay is structured, actively seeking to hire and promote diverse talent, and supporting efforts that create an inclusive environment. Investing in training to reduce bias and building clear career paths for Black women can make a big impact. By partnering with FARE, companies can take real steps toward closing the wage gap and building a workplace where everyone has the opportunity to thrive.
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