Millions are watching women’s soccer, so why are the players paid less?

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The FIFA Women’s World Cup kicked off on July 20, with a level of success arguably nobody saw coming.

The Matildas’ 2-0 win over Denmark last week pulled in a staggering 3.75 million viewers at its peak as Australians tuned in to watch the players absolutely dominate. This was not only a record for an individual event on 7Plus, but that number is also significantly more than the number of people who tuned into last year’s NRL and AFL grand finals – unequivocally proving that women’s sport does, in fact, have a huge place in our society.

The Matildas’ 2-0 win over Denmark last week pulled in more viewers than the AFL Grand Final, but pay parity in women’s sport is a long way off.Credit: Dionne Gain

The journey toward gender equality over the past few years has made significant strides, yet one lingering challenge continues to cast a shadow: the gender pay gap. This pervasive discrepancy spans industries, underscoring systemic inequalities that impact both men’s and women’s pursuit of economic empowerment.

Women still earn less on average than their male counterparts across various industries and occupations. Even when factoring in education, experience, and job roles, the pay gap endures.

In typical Victoria Devine fashion, I absolutely will be using the Matildas as a platform to springboard into a conversation about the paramount importance of universal pay equality and the FIFA Women’s World Cup as a lens to unravel the implications of pay disparity.

UN Women’s statistics paint a concerning picture – nearly half of young girls step away from sports as they approach puberty. The gender divide in sports starts early, depriving girls of a future where athletic prowess and sporting excellence are genuine possibilities. By ensuring equal compensation for our athletes, we send a resounding message to the upcoming generation – they can make a career out of their passion.

Whether on the field or in the workplace, celebrating achievements and advocating for equal pay benefits everyone.

The issue isn’t as simple as equating funding to revenue, especially when women are consistently deprived of the resources available to men. Investing in and uplifting women’s sports is pivotal in reshaping the narrative entirely.

A prime example? Look no further than tennis, which set the gold standard by introducing pay parity for grand slams in 2007. Notably, women’s finals often garner more viewership than their male counterparts.

The Women’s World Cup – a universally acclaimed sporting event – does not highlight similar equity. The champion US women’s national soccer team of 2019, despite their remarkable performance and instrumental role in expanding the sport, earned only a fraction of the prize money awarded to the triumphant men’s team in the 2018 World Cup.

This stark imbalance sends a resounding message that the achievements and contributions of women in sports are not respected at the same magnitude as their male counterparts, which to be frank is disgusting.

The repercussions of the gender pay gap extend far beyond the pay cheque, casting a long shadow on economic security and overall well-being. Diminished earnings significantly affect women’s ability to create financial stability. They have less to invest, less to save, and less opportunity to plan over the long term – leaving more women vulnerable to experiencing financial hardship.

This economic fragility ripples through generations, stunting the potential for women and men alike to fully contribute to the growth and prosperity of their families and communities.

The wage gap evident in women’s sports serves as a poignant reminder that women’s accomplishments and contributions often receive inadequate recognition, even on the grandest of stages. Eliminating these entrenched stereotypes is paramount to advancing gender equality in sports and other domains, and by recognising and celebrating women’s achievements, we pave the way for dismantling similar barriers across various sectors.

Recently, the International Cricket Council declared that women’s and men’s teams would now receive equal pay at premier tournaments, an epic step in the right direction. However, it’s not just about the money – we understand that when significant investment is made into women’s sports, we witness a remarkable surge in viewership, participation, and overall revenue.

By ensuring equitable compensation, we’re not just balancing the books, but also opening doors. When we establish sports as a legitimate career option, we’re empowering countless girls worldwide to dream big and strive for the highest levels of competition.

Realising pay equality demands a comprehensive effort involving governments, organisations, and individuals. Collaborative advocacy, transparent wage structures, and addressing unconscious biases are imperative steps in rectifying this imbalance. Initiating policies that champion women’s leadership and advancement also plays a pivotal role in driving substantial change.

The Women’s World Cup stands as an emblem of the struggle for pay equality, reminding us that unequal compensation is a reflection of the broader societal challenges women and men face.

Addressing the wage gap signifies a pivotal step toward achieving comprehensive gender parity, creating a world where contributions are esteemed and justly rewarded, irrespective of gender. The path ahead needs collaborative action, constant advocacy, and a resolute commitment to breaking down the barriers that hinder progress.

Whether on the field or in the workplace, celebrating achievements and advocating for equal pay benefits everyone. It’s time to reshape the narrative, where equal pay is synonymous with equal opportunity.

If it’s not evident already, I am wildly passionate about financial literacy, especially for women, and it’s time that I have more people on my team to give women, especially women in sports the support they deserve. It’s important, and it’s essential because when women have financial literacy and pay equality on their side the entire world becomes a better place.

Victoria Devine is an award-winning retired financial adviser, best-selling author, and host of Australia’s number one finance podcast, She’s on the Money. Victoria is also the founder and co-director of Zella Money.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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