Focus on women

Financial independence: Filling your pocket with power

Being financially independent means being able to afford your everyday expenses without having to rely on others.

This is how Refiloe Kgoete defines financially autonomy. She is a social worker who works as a Victim Empowerment Coordinator at Agisanang Domestic Abuse Prevention and Training (ADAPT).

Alarmingly, relying on a partner for financial support can have life threatening repercussions because of South Africa's high rate of gender violence, she said, explaining that financially dependent women often end up staying in toxic and abusive relationships, either in the family home or with their spouse or partner.

“If they decide to leave, they often end up living in poverty because they are not financially stable.

“In a country that has put women in the backseat in the workplace, being financially independent will help women escape abusive relationships,” she says.

Kgoete believes that financially sustainable women have more say in decisions that affect their lives and the lives of their families because they are not at the mercy of someone who fully controls the purse strings.

For example, a woman with the financial means to afford a car can make the purchase without being unduly influenced by someone else. In other words, she will be able to buy just what she wants.

Financial independence is all about empowerment and confidence. It is about women having the means to control their life and stand up for their rights and it is as relevant to middle and upperclass women as it is to those from low-income households.

Kgoete says that women should also strive for financial independence so that they can become role models for their daughters and other girl children and thus help them break the societal stereotype that women belong in the kitchen.

However, Kgoete says financially independent women also experience challenges, such as having to balance family life and running a household with work.

“Moreover, women have more responsibilities than men, such as looking after children,” she says, explaining that women often end up settling for jobs in which they have to fight to be paid the same as their male counterparts.

Tips for women

Kgoete's tips for financial independence include:

• Do not be scared to ask for equal pay or a raise if you think you deserve it.

• Share responsibilities with your partner when it comes to looking after children financially. • Curb spending and don't purchase what you cannot afford. Seek advice from a financial advisor if needed.

Above all, Kgoete says it is advisable for women to save up money before they start having children so that they do not find themselves in financially strenuous situations.