Protecting your finances

South African women are living at least six years longer than their male counterparts, a mid-year population estimate compiled by Statistics SA shows. While various reports also reflect an increase in women participating in the economy, it is imperative that women continue to take charge of their financial futures.

Women must assess their finances and seriously start investing and saving, as being left widowed or divorced can be catastrophic without having a safety net.

Unlike previous generations, many families are finding it tough to survive on one income because of increases in municipal bills, transport, electricity, food, and data costs.

Being completely financially-dependent on your spouse or partner may no longer be a good idea considering that Statistics SA data on Marriage and Divorces shows that a significant proportion of couples will break up within a decade of tying the knot.

According to the survey, released in 2016, four in 10 divorces (44.4%) of the 25 326 recorded that year, lasted for less than 10 years.

With the doubling of the divorce rate globally since 1990 for women over 50, referred to as “grey divorce”, married women of all ages should be encouraged to participate equally and actively with their marital partners in investment choices.

According to a recent report by UBS Global Wealth Management, 59% of widows and divorcees regret not taking part in long-term financial planning.

Some tips: The twenties Find a reputable financial advisor and take out important policies – such as income protection (in case you are ill and can’t work), and medical aid (to cover unforeseen health issues as well as day-to-day medical expenses.

It’s a good idea to begin saving for short- or medium-term goals, such as travel and buying property, using savings vehicles like unit.

The thirties

If you start thinking about having a family, you should do research about life insurance, affordable family medical cover and homeowners’ insurance. Putting money into an education plan can also be good.

The forties

Some women might have teenage children at this stage. Others might be thinking of growing their portfolio of properties or purchasing a new car.

The fifties

Don’t be in a hurry to retire if you are enjoying your career The sixties You might experience an increase in health bills or might be widowed. It’s therefore important to meet with a financial advisor to assess your existing investments.