Bridging the financial literacy gap for women

ECONOMICALLY active women often carry a double burden as breadwinners and primary caregivers, according to Wendy Myers, head of securities at PSG Wealth. She says this limits their ability to rise to senior roles, impacting income potential and causing financial strain.

- DIEKETSENG MALEKE

According to Myers, despite significant strides in representation and empowerment, South African women continue to shoulder a disproportionately heavy burden of financial stress. DebtBusters’ latest Money Stress Tracker found that nearly 75% of female respondents reported high levels of financial anxiety, 10% more than men. She says the drivers behind this imbalance are deeply rooted in both societal dynamics and systemic barriers. Ané Craig, head of fixed income at PSG Asset Management, adds that financial literacy also plays a role. “Another key reason that women experience higher levels of financial stress is due to a gap in financial literacy, and adjacent to that, barriers to financial inclusion,” she says.

A lack of financial confidence further compounds anxiety around financial issues, notes Robyn Laubscher, advice and product specialist at PSG Wealth. “Even when fully capable, many women underestimate their financial knowledge because they've received less encouragement to engage in financial decisions from a young age.” For Linda Kleynscheldt, head of actuarial and product at PSG Wealth, it typically boils down to fear of the unknown. “For women, the key to breaking through the unknown and understanding possible future outcomes lies in bridging the financial literacy gap. This is often the first step towards financial wellness”.