The financial burden on South African women: a silent struggle

In honour of Women’s Month, 1Life Insurance set out to uncover the true state of South African women’s relationship with money - how they earn it, spend it, and secure their futures. The findings are staggering! Women are leading their families financially, often without support, and under intense pressure to make ends meet.

Of the women surveyed, nearly half (48%) are single, and the majority are the primary financial decision makers in their households. Many are not just supporting their biological children but are also financially responsible for extended family members. Alarmingly, 40% of them are doing it alone, with no partner or co-parent.

These results are a testament to the pressure women are facing when it comes to bearing the household load, and if we take a closer look at their financial concerns, there is no doubt that something has got to change if we want to better support these breadwinners and household leaders.

In fact, the research indicates that insufficient income (43%) and debt or high living expenses (21%) are limiting them from becoming financially secure, with groceries and essentials (32%), rent (17%), and school fees or child related (17%) expenses making up the top 3 monthly expenses.

From this, you can see that with 63% of their money going to essentials, women are not splurging but rather focusing on what matters most to simply make ends meet.

What is concerning, however, is that the death of a loved one and financial crises make up almost 40% of life’s most difficult experiences for South African women. Yet only 26% of women have life cover, 5% have dread disease, and 3% income protection in place, and so we have to ask ourselves… ‘if something had to happen to me tomorrow and my family lost my income – how would they survive?’

It is this shift in mindset that needs to take place to create a safe financial landing for South African women, especially those doing it alone!

The good news is that despite these results, a very positive reflection of self-improvement has come through in the research, where women have cited financial independence & planning & as well as career advancement, as two key areas of personal development (62%), followed closely by self-love, self-awareness and breaking generational family cycles (55%).

It is no secret that women have had to bear the financial burden for the better part of the last decade, with the shifting responsibilities and social dynamics facing us, but today there is not only a movement of women actively facing their financial struggles but a keen understanding of where they want to be and how they are going to get there - a sign of true resilience that can be celebrated this Women’s Month.

* Nyembe is the communications manager at 1Life Insurance.

PERSONAL FINANCE