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Fintech Platform MoneyLion Is Bringing Attention To America's Gender Pay Gap

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Fintech Platform MoneyLion Is Bringing Attention To America's Gender Pay Gap

Despite narrowing, the gender pay gap remains an issue in America. According to the Pew Research Center, women workers earned 15 percent less than men in 2018. Benzinga has partnered with personal finance app MoneyLion's PaveTheWage campaign to bring attention to the gender pay gap.

MoneyLion, a personal finance app that uses artificial intelligence to recommend financial products for money management, is spotlighting one of America’s longest-standing financial issues: gender pay disparity.

In a release Friday, the company announced a “PaveTheWage” pledge, a $3 million commitment to highlighting the wage gap between men and women in the United States.

“It has been 47 years since the Equal Rights Amendment, yet the pay gap between men and women is still a reality in the United States,” said MoneyLion Board of Directors Member Samantha Roady in the release. “Women make, on average, 17 cents less than men for every dollar earned.”

How It Looks

The initiative will work like this: For users who sign up for MoneyLion and elect to opt-in, MoneyLion will add 17 percent to the first paycheck deposited into a MoneyLion Checking Account for a total contribution of up to $3 million. The pledge is in advance of International Women’s Day on March 8.

“The majority of MoneyLion members are women, and we are honored to support them — not only on International Women’s Day but every day,” MoneyLion Co-Founder and CEO Dee Choubey said. “Today, we wanted to acknowledge their hard work and help them feel whole. We thought there was no better way to do that than to fill that 17 percent gap in their paychecks.”

MoneyLion offers a suite of personal finance tools—including personal loans, robo-advising, and credit monitoring—to encourage responsible money management. Per the release, the company has more than 4 million members, with average annual savings of $887. In a 2017 interview with Benzinga, Choubey said 80 percent of them use the app for its free tools.

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