Tax bur­den ‘more on SA women’

Talk of the Town - - News -

A new sur­vey by San­lam has found that women in South Africa con­sis­tently pay more than men across many cat­e­gories of un­avoid­able monthly ex­penses.

Ba­sic toi­letries, groom­ing prod­ucts, med­i­cal screen­ings and hair­cuts are some of the items that see women spend­ing hun­dreds or even thou­sands of rands more than their male coun­ter­parts.

San­lam fi­nan­cial plan­ner Sticks Stiglingh said these find­ings call for care­ful fi­nan­cial plan­ning if women are to achieve fi­nan­cial in­de­pen­dence. The sur­vey showed that 93.4% of women polled spent over R100 on monthly toi­letries, while only 76% of men do. Over 30% of women claim to spend over R1,500 per an­num on med­i­cal screen­ing whereas only 16% of men spend this amount.

Con­tra­cep­tion spend is also dif­fer­ent: 56.4% of men spend noth­ing on con­tra­cep­tives, while 51.2% of women pur­chase con­tra­cep­tives monthly, with 30% of them spend­ing over R100 a month. And some­times there is a dif­fer­ence even when the ser­vice ren­dered is sim­i­lar for both gen­ders: 65% of women spend over R200 for a hair­cut com­pared to just 8% of men. So with a gen­der pay gap of about R6,607.25 a month, as iden­ti­fied by the Code for Africa tool: news/africa/2018-03-13-what-does-the­pay-gap-be­tween-men-and-wom­en­re­ally-look-like-in-africa/ – based on the World Eco­nomic Fo­rum’s 2017 Gen­der Gap Re­port – this sim­ply means that women are gen­er­ally earn­ing less and pay­ing more.

“Now add to this the fact that women gen­er­ally have to pay more than men for ba­sic monthly ne­ces­si­ties and one be­gins to per­ceive the full spec­trum of chal­lenges to women achiev­ing fi­nan­cial in­de­pen­dence,” said Stiglingh.

He said the find­ings of this sur­vey are im­por­tant not only to cre­ate aware­ness but, most im­por­tantly, to en­cour­age and as­sist women in mak­ing their money go a bit fur­ther through care­ful bud­get­ing and proper fi­nan­cial plan­ning.

“For the last 100 years, San­lam has been help­ing women to build wealth and achieve fi­nan­cial in­de­pen­dence.

“A big part of this means un­der­stand­ing the unique chal­lenges women face. Women also have a lot of pur­chas­ing power and a strong mar­ket im­pact.

“By pro­vid­ing as much aware­ness and sound fi­nan­cial guid­ance as pos­si­ble, we hope to help women nav­i­gate unique fis­cal ob­sta­cles like pink tax through in­formed de­ci­sion-mak­ing.”

Con­tact Sticks Stiglingh at Strata Fi­nan­cial So­lu­tions BlueS­tar on 046-624-4948/ 071-612-7339 or sticks@strat­ablues­

San­lam is a li­censed fi­nan­cial ser­vices provider.

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