Why women deserve financial planning that reflects their realities

While managing money is crucial for achieving financial well-being, many women still face barriers that leave them feeling excluded from financial conversations. Financial planning often seems disconnected from the everyday realities women face, especially for those balancing family responsibilities, societal expectations, and systemic financial inequalities.

Society must recognise the unique pressures women face. We need to connect with them on a deeper level—acknowledging not just their financial goals, but also their fears, aspirations, and the cultural narratives that have shaped their relationship with money.

Recent insights from the latest Old Mutual Savings & Investment Monitor (OMSIM) highlight how these pressures play out. According to the report, 39% of South African women are experiencing high levels of financial stress—a reflection of the economic burdens many face daily. The report also reveals that more women are relying on multiple income streams to stay afloat, juggling side businesses, part-time jobs, and other revenue sources just to meet basic financial commitments.

Financial well-being means understanding women’s realities

Financial well-being isn’t just about numbers on a page—it’s about having the confidence and security to make informed decisions. Yet, many women hesitate to seek professional advice because they feel their financial realities aren’t understood by traditional financial systems.

Women often carry a disproportionate share of caregiving responsibilities, which can limit earning potential and reduce opportunities for long-term financial growth. These challenges are further compounded by wage disparities and limited access to financial education.

Understanding women’s financial realities requires more than just expertise—it demands genuine empathy. To start connecting with women, go and spend time in their communities. Do the things they love to do or spend time understanding their context and connect with them.

The OMSIM findings underscore this need for personalised advice. With more women relying on side hustles and additional income streams to stay financially secure, financial advisers must offer strategies that are flexible, realistic, and tailored to their unique challenges.

Five practical steps women can take today to improve their finances:

1. Understand the Value of a Financial Plan. A financial plan isn’t just about wealth—it’s a roadmap for your goals, whether that’s buying a home, saving for retirement, or starting a business. A clear plan empowers you to take control of your financial future.
2. Work with a Trusted Professional. Find a financial adviser who understands your personal experiences and goals. According to research from the Financial Planning Standards Board (FPSB), women who work with a Certified Financial Planner® (CFP) report higher financial satisfaction and confidence.
3. Set Clear and Personal Goals. Define financial goals that reflect your unique life circumstances—whether it’s education, retirement, or family security. Setting goals aligned with your values helps create a stronger sense of purpose.
4. Create a Judgment-Free Financial Space. Don’t let fear of judgment stop you from seeking advice. Financial advisers are there to support you, and the right adviser will help you work through challenges without shame or criticism.
5. Build a Financial Safety Net. This financial buffer can help cover unexpected expenses such as medical emergencies, car repairs, or sudden income loss. Having a safety net reduces financial stress, supports long-term financial well-being, and helps protect against reliance on multiple income streams.

* Mahapa is a provincial general manager at Old Mutual Personal Finance.

PERSONAL FINANCE