ON AUGUST 9, 1956, more than 20 000 women of all races and ages from every corner of South Africa marched together towards the Union Buildings in Pretoria. These brave women were marching in protest against the pass laws that proposed even further restrictions on the movements of women.
Fast forward to 2019, and women are still facing struggles, although different from before. According to research from UBS, a global financial services provider, 85% of women manage everyday expenses, but only 23% take the lead when it comes to long-term financial planning. Even though women are more proactive with day-to-day household finances, it is critical that they also set themselves up for financial success in the future.
Unfortunately, there are still far too many stories of women having a limited understanding of the benefits of long-term financial planning and being dependent on their partners. According to Stats SA report released in 2018, four out of 10 marriages end in divorce before their 10th anniversary. So, ultimately, relying on your partner’s financial plan alone could potentially lead to financial stress.
We need to change the narrative. Women need to take responsibility for their financial futures and empower themselves with the knowledge and skills they need to challenge and change the age-old, gender-biased social constructs and stereotypes of women in the workplace, and females and finances in general.
Tips to take control