FINANCIAL institution Old Mutual says its claims statistics report found that 58% of 2020 retrenchment cover claims were paid out to women.
Women still highlighted economic inequality, unfair discrimination, lack of support, and limited opportunities to grow into leadership roles, as a concern, it said. This had been heightened by the onset of Covid-19 as women seemed to be hardest hit by job losses and retrenchments.
It said the 2021 Old Mutual Savings & Investment Monitor (OMSIM) research survey, published recently and which delved into the behaviours and attitudes of South Africa’s working metropolitan households, found that as many as 63% of the women surveyed said they are feeling highly stressed compared to 53% of men.
Only 26% of the women surveyed felt confident about SA’s economy, while 40% of men had a more positive outlook. Another telling sign of the pressure women were under was that a higher proportion of women (59%) than men (51%) dipped into their savings to make ends meet.
Lynnette Nicholson, head of research at Old Mutual, said the findings were of great concern.
“Especially, because 44% of the moms surveyed regard themselves as single parents, with about half of these revealing that they are the sole breadwinner and receive no financial assistance at all.”
However, Nicholson said there were some positive indicators. “Although the ongoing plight of women is real and huge, it is encouraging that we are seeing women taking determined steps to take charge of their finances as responsibly, creatively, and smartly as they can.”
More than 60% of women compared to 50% of men surveyed belonged to stokvels, with 53% belonging to more than one stokvel.
They were also found to be stretching family budgets by taking advantage of points or rewards offered by loyalty programmes: 75% of women, compared to only 66% of men, actively used these benefits to acquire groceries or consumer items and supplement incomes.
At least 44% of the women who were still employed, were found to be supplementing incomes by taking on other work unrelated to their main job, a phrase Old Mutual calls Polly-Jobbers. The secondary incomes varied from freelancing to contract work.
Nicholson said the women started their own businesses to spend more quality time with family and friends, whereas an increasing number of women are becoming entrepreneurs because they want to be their own boss. | THE MERCURY