WOMEN’S FINANCIAL REALITY
A woman’s financial
world in South
Africa
The Momentum Unisa Financial Wellness Insights 2019 report (pdf) showed that women make up 51% of the South African population, having a big role to play in creating success - not only in their households and communities, but in South Africa as well.
To become more involved and even take the lead in managing their households’ financial situations, women need to empower themselves with financial knowledge; with a mindset of openness to change, and an optimistic outlook that tends to lead to smart money choices.
Did you know?
- All over the world, but especially in South Africa, women have tough times. In the modern South Africa, they’re expected to work, do household duties, buy groceries, care for loved ones, including kids at school or having to interrupt their careers to have children – while, at the same time, having to contend with gender-based violence at an unprecedented scale.
- Women, however, are slowly regaining their rightful place in South Africa. Equality in terms of the number of jobs had almost been reached before the lockdown. When the hard labour jobs like mining and construction are excluded, 50% of workers were women.
- Women are also becoming more educated at a much faster rate than men. For instance, in 2018 almost 66% of the graduates from public and private higher education institutions such as universities were females. Interestingly though, in terms of the fields of study, South African women follow the same pattern as in other countries. Women are much more dominant than men in fields of study that are about people e.g. teaching and nursing, while men are more dominant in the study of things (e.g. engineers).
- Despite this progress, there is still discrimination in the workplace, especially in terms of remuneration. The pay gap is still large, but closing due to among others, more females compared to men graduating.
Tips from our research respondents
Here’s what some of the women we spoke to had to say:
“It means to be financially independent. Being able to take care of myself financially without depending on others.”
“I believe in financial independence; I am not financially dependent on anyone and I am able to fend for myself through my source of income. It also means being proactive in that one does not rely solely on one source of income.”
“Security for myself and my child. The ability to spoil myself every now and again, especially when I've been through a rough patch.”
“No debt. Seeing the month through comfortably. Able to support my son who is a fulltime student and pay college fees. The ability to provide for my retirement.”
Money management shouldn’t be rocket science, but rather a life hack that every woman should learn. This year’s Momentum Science of Success Festival will be focusing on empowering women to see their money from a different point of view - to be inspired with the knowledge they need to make positive changes to improve their financial success.
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Explore more Momentum Unisa Household Financial Wellness Insights
See your money from a different point of view
Money management shouldn’t be rocket science, but rather a life hack that every woman should learn. This year’s Momentum Science of Success will be focusing on empowering women to see their money from a different point of view - to be inspired with the knowledge they need to make positive changes to improve their financial success. With the right financial knowledge and expert financial advice - women can see their money from a different point of view.