Marketing and Communications Chairperson for the Entrepreneurs Organisation in Durban, Cindy Norcott says the number of women entrepreneurs in South Africa are steadily growing despite the tough economic climate.
The business network comprises of about 20 000 influential players.
Norcott says, “There are so many factors that are encouraging women to start their own businesses, COVID-19 has definitely played a part. There are many women who have lost their jobs or were retrenched or realised that they can make their own money through something that they have got in their head, whether it’s a hobby that they turn into a business or whether it’s something they did for a company and only got paid for, now they realise their own worth.”
Women are urged to take control of their finances to ensure that they are financially secured. That’s the word from Financial Advisers who have also called on women to diversify and explore a variety of investments and also to always keep a record of what they are spending their money on to avoid spending recklessly.
They say spending less than what they earn and learning to differentiate between needs and wants could help alleviate women’s financial woes. Women are also encouraged to manage their debt especially unsecured debt as it incurs high interest.
Ester Ochse, who is the Production head at FNB Money Management, says, “Have emergency savings in something where you can get hold of the money quickly. For example, a notice account that is less than seven days you can even pre-pay that into your bond.”
Financial Advisers call on women to diversify and explore a variety of investments: