Midlife and money

Financial survival guide for women over 40

- SARAH NICHOLSON

WOMEN ENTERING their 40s and 50s often find themselves juggling complex financial responsibilities, sometimes for the first time in their lives. This midlife stage, which should ideally bring greater confidence and stability, can instead be marked by sudden life shifts and insecurity.

Fittingly, South Africa's theme for Women's Month, celebrated in August, is Building Resilient Economies For All, a timely reminder of the need to create inclusive financial systems that support all women.

This is an ideal opportunity to highlight the financial challenges that many women face in midlife, and to encourage open, empowering conversations about money.

Much advice is geared towards younger women and career growth, but it is equally important to support those in midlife who are navigating pivotal life transitions.

By recognising their realities and sharing practical strategies, we can help more women build resilience and regain financial confidence when so much in their lives is changing.

A challenging time

Here are ten challenges that many women may face at midlife.

• Divorce or separation. Many women face a sudden loss or reduction of household income, legal fees, and the challenge of rebuilding finances on a single income.

• Job loss or career interruption. Midlife women may experience retrenchment, age discrimination in the job market, or voluntary / involuntary career breaks.

• Caring for ageing parents. The responsibility of looking after elderly parents, both emotionally and financially, can fall heavily on women, often without support.

• Supporting adult children. Many women continue to assist adult children financially, whether helping with education, rent, or childcare, delaying their own savings goals.