By Kgomotso Sethusha
WOMEN’S TIPS TO MAINTAIN FINANCIAL WELLNESS
Men and women have similar requirements and challenges when making future plans, according to the Global Gender Gap Report 2022.
The salary disparity, however, causes a significant difference in financial well-being between the two. And this has an impact on women’s capacity to save, obtain finance, and obtain credit.
This is a reality that women still face, according to Sithembile “Sthe” Sibanyoni, Business Development Officer at Public Sector Accountancy and Audit Academy (PSAAA).
“Both men and women have the same needs and challenges in planning for their future,” says Sibanyoni.
“Women encounter a variety of financial issues, including difficulties in obtaining credit or company funding, managing debt, running out of money, and inadequate saving or investing.
“Gone are the days when men handled all aspects of household finances. We should acknowledge that as women, we face particular financial issues that we must address with help and advice. To balance needs and debt over short- and long-term horizons, we should begin saving as early and as long as we can.
Sibanyoni recognises that women have options for keeping money invested for the future, even if she agrees that there are obstacles that restrict women’s ability to save.
Even though Covid-19 significantly decreased life expectancy last year, women should expect to live up to the age of 64.6 years compared to men’s age of 59.3 years, according to Stats SA 2021 statistics.
Since women typically outlast their relationships, they could spend more time alone throughout their retirement years.
Here are Sthe’s tips for women to maintain their financial wellbeing.
- Know your worth and develop your abilities to get additional income.
- Do not rely solely on your spouse for your financial security
- Prioritise your own needs, start making retirement plans early, and stick to your plan as you get older.
- Take risks as a woman. Women are conservative investors, choosing little savings investments (the safer methods that do not yield higher returns on investment) instead of the big ones.
- Most women give up on their careers once they get married to take care of their families but should still be active in financial decisions.
- Consider different investments for specific needs and balance needs and debt over short and long periods
