Women are usually financially disadvantaged earning less for the same position as their male counterparts. And only a handful of women occupy senior positions in the workplace.
Many households are run by women in South Africa and this is putting a heavy burden on their finances.
Experts have called on women to ensure that they are financially independent despite the challenges they are facing.
Experts have called on women to understand budgeting and investments. And to differentiate between needs and wants.
Women are also urged to avoid unsecured debt such as personal loans or credit cards. You are likely pay interest of up to 22% per annum.
Product Specialist at FNB Financial Advisory, Ester Ochse has some tips on how women should handle their finances and ensure that they have a balanced portfolio.
“The first thing is budget carefully. Remember your needs and wants and save for the kid’s education.”
Women generally live longer than men and that means they have to save more for retirement. Many households are run by single women who struggle to receive any form of maintenance. This can put a strain on women’s finances.
Head of health at GCI Group, Natasja Hart says, “There is a definitely different pressure, especially when you look at single mothers where if there is a mother and father contributing to a household and if you are left with a woman it’s problematic.”
And even if you are married ensure that your finances are in order, don’t rely heavily on your spouse for financial security.
Experts have also called on spouses to have a discussion about finances on a regular basis so that there are no surprises during a divorce or when one partner passes away.
“I Think it is vital that women know what is happening. Unfortunately I have set with widows that thought that everything was in place,” says Hart.
Women continue to be at a financial disadvantage as they often earn less than men in a similar position. Experts have called on women to ensure that they are in control of their finances so that they can be financially independent.
Women are encouraged to have a will and a life cover to ensure that their dependents are well taken care of. Dying without a will lead to a situation where the state controls your estate.
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