Women’s Equality Day: Honoring Progress and Continuing the Crusade

August 26, 2025

Written by Summit Credit Union CEO & President Kim Sponem and originally published as a guest blog on America’s Credit Unions' employee intranet in August 26, 2025.

Women have been fighting to be on the same playing field as men for centuries. Women have had to fight for the right to vote, fight to have equal access to credit, fight to have access to jobs and so much more.

It took more than 70 years of advocacy, peaceful protests and lobbying for women to gain legal access to the voting booth. In 1920, the 19th Amendment was ratified, granting women that right. Sadly, the 19th Amendment didn’t stop all forms of discrimination against women. Many women of color continued to be denied access to their legal right to vote, finally gaining parity thanks to the Voting Rights Act of 1965.

Wins for Women’s Equality and the Ongoing Battle

In 1971, a joint resolution of Congress declared August 26 as Women’s Equality Day. It commemorates the passing of the 19th Amendment and brings awareness to women’s ongoing equality efforts.

For those who didn’t experience it, you might be shocked to hear that there were laws prohibiting women from going into a bar by herself. Eating alone at a restaurant was frowned upon if you were a woman (you wouldn’t want people to think you were “soliciting”). Until the Equal Credit Opportunity Act of 1974, banks could legally deny women credit cards, loans or mortgages without a male co-signer – often a husband or father. In some states, women couldn’t serve on juries because they were thought to be too sensitive and therefore not objective.

Luckily, new laws were written to stop these discriminatory practices. I’m sure your mom, aunt or grandma remembers what it felt like to be treated less than, especially when it came to finances. Women make up half of the U.S. population, according to census data. Yet women still make less, save less and are more likely to retire in poverty compared to men. The sad truth is that women make an average of 83 cents on the dollar to what men make, according to the Bureau of Labor Statistics. And if you’re a woman of color, it's an even larger pay gap.

Supporting Women’s Financial Security

I’ve been identifying and fighting causes of what holds women back most of my life and as the CEO of Summit Credit Union, our entire focus is on helping women and their families avoid poverty, and instead excel, by understanding and addressing in a variety of ways what drives this outcome. Summit started focusing on the unique financial needs of women almost two decades ago because many felt that financial institutions were ignoring them.

Conservatively, over a 40-year career, the average woman will lose out on half a million dollars in income. That pay gap compounds over time and eventually causes a wealth gap. Data suggests women are 43% more likely to end up in poverty during retirement than men.

The World Economic Forum estimates it could take 134 years to close the global gender pay gap. We don’t have that kind of time. I’ve been encouraging credit unions to lead the way in eliminating inequitable hiring pay practices and publicly share their pay data. It will lead to fairer outcomes for everyone and improve the financial health of our 140 million members.

For example, women are statistically less likely to negotiate salaries. This can hinder their earning potential and put women behind from day one. Even a $3K difference in starting pay for a woman versus a man in the same role, that continues over a 40-year career, could create a retirement savings gap over $1.5 million dollars. Surprising, isn’t it?

Summit started the pay practices challenges with an advertising campaign several years ago, highlighting financial inequity through metaphors and analogies. Our aim was to inspire and continue conversations around the wealth gap, advocating for financial equity and wellness. Because as a credit union, people helping people is at our core.

As you may expect, there was some community “buzz” around this campaign, but it accomplished what we set out to do. People were thinking and talking about an issue that too many people ignore.

Driving Change Through Action

We launched Summit’s ™ initiative in 2023, which is about increasing financial security for everyone. We’re helping women close the retirement savings gap in five distinct ways:

Increasing women’s confidence in money to inspire action, by empowering them with information and support
Building women’s wealth by helping them own homes and businesses
Helping women create financial plans that balance paying down debt and saving
Supporting women in increasing lifetime earning power
Openly sharing our pay practices and data

When women succeed and have equal economic power, everyone benefits. Families, communities, businesses and economies thrive.

I take seriously my responsibility to amplify women’s voices and invite men along as critical partners on the journey to greater equality. It’s always important to reflect on our past to forge a brighter future. I encourage you to lend your voice and join the fight.