Words on wealth: women are realising that ‘a man is not a financial plan’

While recognising that there is still much work ahead, I believe we sometimes fail to appreciate how far women have come in gaining financial independence over a relatively short period.

“A man is not a financial plan” was popularised in South African financial circles by Jeanette Marais, CEO of Momentum Group. From my admittedly limited perspective, I am seeing more evidence of women becoming increasingly financially self-reliant and taking that dictum to heart, despite the hurdles they face.

One of the biggest hurdles is the heavy demand on women’s time as caregivers. A recent study of women in the gig economy, published by the University of Cape Town in association with international partners, “Gendered inequalities of platform work in Africa: Findings from a multi-country analysis”, found that women earn less than men, not because they are paid less per task, but because they work fewer hours on average. This reduced working time is often linked to “unpaid care responsibilities and cultural expectations that limit women’s availability for work”, the study says.

However, signs from the financial services industry suggest that women are becoming more savvy with their money, improving their knowledge on money-related matters, and relying less on male partners for their financial security. This comes on the back of women’s increasingly important role in the workplace, improved financial education, and because the financial services industry is slowly becoming more geared towards women’s specific needs.

Thato Mahapa, provincial general manager at Old Mutual Personal Finance, says women aren’t just managing money, they’re “stretching it, scaling it, and efficiently allocating it across multiple household obligations. From school fees to supporting ageing parents or extended families, many women operate like CFOs of their households and communities.”

Mahapa says an area where women can improve on building wealth is by investing to a greater degree in growth assets such as equities, and financial advisers are in an ideal position to help them do this.

“Advisers can help female clients move beyond reactive budgeting toward proactive wealth-creation supported by a long-term vision and robust strategy. To truly build wealth, women should consider increasing their investment risk, cautiously and strategically, and a financial adviser can help in this approach,” she says.

This year’s Old Mutual Savings and Investment Monitor, an annual survey of the financial health of working South Africans, shows that women are experiencing greater strain than the broader market. The proportion of women who are considerably financially stressed has risen from 39% to 43%, with stress levels climbing to 49% among single mothers. Despite this, the survey shows that women are becoming more assured in their financial decision-making. The proportion of women who feel very confident in their savings and investment decisions has increased steadily over the last three years, reaching 36% in 2025. This trend is strongest among younger women and those earning higher incomes. The use of financial advisers is also rising, with 45% of women now seeking professional advice compared with 40% in 2023. 

The past 10 years have also seen a steady rise in the number of women entering the South African property market, with female first-time homebuyers overtaking their male counterparts, according to ooba Home Loans.

Careen Mckinon, head of sales at ooba, says this is a clear indication that women are determined to achieve financial independence and build generational wealth, despite ongoing income disparity.

“An increasing number of women view property ownership as a key marker of financial independence. Over the past decade, trends have shown not only a steady rise in demand from female first-time homebuyers, but also a shift toward younger women entering the market,” says Mckinon.

Decade-long data from ooba shows that while women made up 46.3% of first-time homebuyers buying on their own in 2015, this number has since steadily climbed to 53% in 2025. “Since 2018, the trend of women entering the property market without the dependency of a partner has outpaced their male counterparts, a trend which is likely to continue.”

One of the most notable shifts over the past decade has been the drop in the average age of female first-time homebuyers. “In 2015, the average age was close to 47 years, but this has since fallen by more than seven years to 39.7 years in 2025,” Mckinon says.

Recently published Standard Bank data shows that women have stronger credit profiles. “Our Credit Score feature continues to see strong growth. The surprising twist is that, despite lower adoption, women outperform men on credit scores,” says Shené Mothilal, solution owner of Digital Money Manager at Standard Bank.

Standard Bank’s data sheds some light on why women often have higher credit scores. Although more women are purchasing assets such as homes and cars compared to a decade ago, the values of their purchases are generally lower than those of men. This year, the average property price for female main applicants was R1.3 million, lower than the R1.7 million average among other home loan clients. In vehicle finance, women’s average spend has historically been lower and was 6.5% less than men’s in 2025. The same trend applies to unsecured credit, where women’s average outstanding balances are 8.5% lower than those of men.

In declaring “a man is not a financial plan”, Marais’ message was clear – no one should leave their financial security in the hands of another. Everyone must take responsibility for their own financial goals and dreams.

* Hesse is the former editor of Personal Finance.

PERSONAL FINANCE