Women are resilient and innovative.
” If you want to change the world, help the women.” said Nelson Mandela
Women are constantly held back due to unfair discrimination, economic inequalities, and COVID-19 hasn’t made it any easier. According to Liberty Claims statistics, job losses have hit women the hardest as 59% of women younger than 35 had claimed for Loss of Income due to Retrenchment.
An Old Mutual Savings & Investment Monitor (OMSIM) research survey published on 4 August 2021 shows that 63% of the women surveyed felt highly stressed (vs 53% of men).
However, women are showing resilience and innovative ideas to pay the bills. Over 60% of women (vs 50% of men) surveyed belong to an informal savings club (Stokvels), with 53% belonging to multiple stokvels. Women are also taking advantage of points or rewards offered by loyalty programmes as 75% of women (vs 66% of men) actively use these benefits to acquire groceries and supplement incomes.
Below are some ways that men and women can strengthen their financial future:
•Reduce debt: Try to live within your means and use credit responsibly and sensibly. While credit can be an enabler when investing in assets like property, it can be a disabler when spent on non-essentials. Interest incurred with debt can render an item much more expensive. The fewer obligations you have, the more financially resilient you can be.
•Diversify your income: Use your hobbies and side hustles to build multiple sources of revenue.
•Start a business: If you are currently unemployed, you can use it as an opportunity to start a small business.
• Know your worth: On average, women work fewer years, earn less, and live longer than men. The 2020 Stats SA Inequality Trends Report showed that women make, on average, 30% less than men in the same jobs. Keep this in mind the next time you get to negotiate your salary.
•Start saving: Start with a manageable amount, such as R50 a month. Deposit this into your personal savings account as this can trigger a savings habit. Use this tactic to build an Emergency Savings Fund.
•Invest more and start sooner: Grow your money by investing it wisely. Studies have shown that long term investments maximise the returns on capital invested.
•Protect your income-earning capability: Consider taking out income protection and disability cover to avoid having no income if you lose your regular income due to illness or an injury.
Contact me for assistance with your Investment Planning, Income Protection and Disability Cover Options. Did you know that some investment options subside themselves with tax rebates?
Financial Disclaimer: The Content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing in this post constitutes a solicitation, recommendation, endorsement, or any third-party service provider to buy or sell any securities or other financial instruments in this jurisdiction. Such solicitation or offer would be unlawful under the securities laws of such jurisdiction. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing on the Site constitutes professional and financial advice, nor does any information on the site includes a comprehensive or complete statement of the matters discussed or the law relating to that.
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