Women are realising that 'a man is not a financial plan'

WHILE recognising that there is still much work ahead, I believe we sometimes fail to appreciate how far women have come in gaining financial independence over a relatively short period.

- MARTIN HESSE

"A man is not a financial plan" was popularised in South African financial circles by Jeanette Marais, CEO of Momentum Group.

From my admittedly limited perspective, I am seeing more evidence of women becoming increasingly financially self-reliant and taking that dictum to heart, despite the hurdles they face.

One of the biggest hurdles is the heavy demand on women's time as caregivers. A recent study of women in the gig economy, published by the University of Cape Town in association with international partners, "Gendered inequalities of platform work in Africa: Findings from a multi-country analysis", found that women earn less than men, not because they are paid less per task, but because they work fewer hours on average.

This reduced working time is often linked to "unpaid care responsibilities and cultural expectations that limit women's availability for work", the study says.

However, signs from the financial services industry suggest that women are becoming more savvy with their money, improving their knowledge on money-related matters, and relying less on male partners for their financial security.

This comes on the back of women's increasingly important role in the workplace, improved financial education, and because the financial services industry is slowly becoming more geared towards women's specific needs.