Money is a feminist issue – and yet, women are still, in 2018, reluctant to talk about it. Thing is ladies, managing your finances should feel empowering not intimidating.
Recent surveys indicate that 32% of South African women feel unsure about their retirement plans whereas men show almost 10% greater clarity on their long-term investment and saving plans.
Financial independence for women isn’t just a matter of strength, it’s a matter of necessity. Why? Well, according to Statistics South Africa, 41.3% of South African households are headed by women. Truth is that South African women are comfortable with day-to-day budgeting, but tend to leave long-term financial issues, such as retirement and investments, to their partners.
True, men and women don’t have the same relationship with money. For one thing, women are more likely to have less of it, and no, this has nothing to do with the so-called “shoe fund”. While the wage gap between men and women is getting smaller, women still, on average, earn less than men. As a result, we save less and are hesitant to take risks when it comes to investing the money we do save.
However, it is crucial for women, regardless of their marital status – single, divorced, widowed or married – to take an active role in their finances. Statistically we live longer than men, earn less, and take more breaks from the workplace to care of kids and elderly parents. On top of that, we are often faced with discrimination in terms of advancement opportunities. All of this mean we have to work harder and save more.
So ladies, don’t rely on someone else for your financial security. Basic financial advice is hardly gender specific – everyone needs to know how to budget, save and invest.
Are you ready to get your Wolf of Wall Street on? We have a few tips on how to do just that:
Although most of us won’t ever be billionaires, that doesn’t mean we can’t be financially secure.
Straightforward strategies such as spending less than what we earn, making a commitment to growing our savings, and paying off debt, are the cornerstones of achieving financial security.
Good luck ladies!
Source: www.bustle.com, www.iol.co.za, www.morganstanley.com, www.thebalance.com, wtop.com, www.fin24.com, www.theguardian.com, www.womanshealth.com.au, www.womanshealthmag.com, www.shape.com, brazenwomen.com, www.schwab.com, www.cnbc.com, www.themuse.com, www.nytimes.com
DISCLAIMER: The information on this website is for educational purposes only, and is not intended as medical advice, diagnosis or treatment. If you are experiencing symptoms or need health advice, please consult a healthcare professional.