Introduction to Econometrics and Actuarial Science

Assignment Task 

Introduction

Earnings have a fundamental role in our everyday life and welfare. Financial freedom is important for one’s well-being as it allows one to live comfortably, and contributes to overall life satisfaction (Wilkinson, 2019). However, a large difference in the income between males and females has been a lifelong issue in the working industry. This has mainly been due to the traditional stereotypes and ideologies people had for many years, which led to the strong inequality between men and women. Fortunately, the gender wage gap has been declining globally since 1960 (D.Blau et al., 2006), resulting in a ratio of female to male earnings being almost equal in the workforce. The gender wage gap is a metric that explains the contrasts between the earnings of the two genders and detains any discrimination and inequality. This gap can be an outcome of differences between men and women in several dimensions, such as career interruptions, experience, gender role biases, and choices of occupation. It is important to understand and examine these reasons in order to ensure fair pay for men and women.

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