Tax burden ‘more on SA women’
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: https://www.timeslive.co.za/ 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 email@example.com
Sanlam is a licensed financial services provider.